Welcome to Monday Corner, an initiative from Tax Publishers…
Monday Corner is specially designed to reward the intellectuals like you:
- We will send a Brainteaser on every Monday through email to your inbox and
- You need to send your answer in revert with reasoning by Wednesday at quiz.taxpub@gmail.com
The most suitable reply will be uploaded on our website (www.taxpublishers.in) in Monday Corner along with the photo/credentials of the winner of the week. If, per chance, winner happens to be more than one, the result will be drawn by lottery.
The winner would receive any one of the following books as free gift...
Quiz for the week (23 Jun 2025) :
Poly Co Ltd is engaged in manufacturing activity. It paid job work charges of Rs.30 lakhs during the previous year 2021-22 in a unit which was closed in the previous year 2023-24. The assessee omitted to deduct tax at source. The actual TDS liability was Rs.50,000 for the said expenditure. In April, 2025 the Assessing Officer initiated proceedings for the non-deduction of tax at source and passed an order for remittance of TDS amount and interest under section 201(1A). In March, 2025, he initiated proceedings for levy of penalty under section 271C. The tax counsel of the assessee says that levy of tax and interest is not correct and only penalty could be levied. Decide whether the amount of tax deductible at source plus interest under section 201(1A) and penalty under section 271C , are leviable?
Share your thoughts on the above on or before 30th June, 2025