Meaning of tax terms
Meaning of “At the time of credit of such income to the account of payee”
Case Name : Cit v. Ranoli investment (p.) Ltd.
Citation : [1998] 146 Ctr (guj.) 745
Court : Gujarat high court
Section : 194 to 206c
Meaning : The words ‘at the time of credit of such income to the account of the payee’ in section 194a would take within their sweep the interest debited to ‘interest account’ or any other nominal account when the debit is for a specific amount calculated with reference to the deductor’s liability to a particular creditor in accordance with the terms and conditions of the loan.
