Date of coming into force of Finance (Amendment) Act, 1987.

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..... only on the 2nd January, 1988. The provisions of this Act provide that in respect of any amount of tax deducted at source on payments made to a person other than a company being resident in India or to a domestic company, on income by way of interest, winnings from lotteries and crossword puzzles, winnings from horse races, insurance commission and the payments to the contractors, the amount of t .....

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..... spect of any payment made on or after 16th December, 1987, but before 3rd January, 1988 the amount of income-tax deducted at source has not been increased by the surcharge, the person responsible for deduction or the company, as the case may be, shall not be treated as an assessee in default for the purposes of levy of interest under section 201 (1A) and penalty under section 221 of the Income-tax .....

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