What are the Provisions applicable to past assessments of firms? What is tax Deduction at source and advance payment? Section 189A and 190 of Income Tax Act 1961

Provisions applicable to past assessments of firms and Deduction at source and advance payment are defined under section 189A and 190 of Income Tax Act 1961. Provisions under these Sections are :

 

Section 189A of Income Tax Act "Provisions applicable to past assessments of firms"

Section 189A. In relation to the assessment of any firm and its partners for the assessment year commencing on the 1st day of April, 1992, or any earlier assessment year, the provisions of this Chapter as they stood immediately before the 1st day of April, 1993, shall continue to apply.

 

Section 190 of Income Tax Act "Deduction at source and advance payment"

190. (1) Notwithstanding that the regular assessment in respect of any income is to be made in a later assessment year, the tax on such income shall be payable by deduction or collection at source or by advance payment or by payment under sub-section (1A) of section 192, as the case may be, in accordance with the provisions of this Chapter.

(2) Nothing in this section shall prejudice the charge of tax on such income under the provisions of sub-section (1) of section 4.

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