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Form 26A
Form 26A
Form 26A
Analysis of Section 201(1) read with its proviso and Section 40(a)(ia) of the Income Tax Act, 1961 – Section 201(1) of Income Tax Act states that any person liable to deduct TDS on the income distributed, makes default in the deduction and/or payment of TDS, shall be treated “assesse in default” and penalty U/s 221 of Income Tax Act shall be payable by such assesse. However, the assesse would not be deemed to be an assesse in default if –
He has furnished his return of income under section 139 of the Act;
has considered such sum for computing income in such return of income;
has paid the tax due on the income declared by him in such return of income;
and the person has furnished a form as prescribed in Rule 31ACB of Income Tax Rules to this effect from an accountant, i.e., chartered accountant.
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