A division bench of the Andhra Pradesh High Court today ordered an interim stay of deduction at source of tax on perquisites and allowances, as required by an Income Tax Notification last September last, in respect of all members of the All India Bank Officers' Confederation (Aiboc).
The court also directed an issue of notice to the Union finance secretary and the Central Board of Direct Taxes in the matter.
The interim stay was ordered on a petition filed by the Aiboc on behalf of its members questioning the constitutional validity of such a deduction.
An Aiboc release here today said the organisation had already taken up the matter with the Indian Banks Association and the government, but there was no response. Hence they had to take recourse to legal action.
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