Reducing time limitation for orders deeming any person to be assessee in default (TAX ADMINISTRATION)

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..... r after so deducting/ collecting fails to pay, the whole or any part of the tax, as required by or under the Act. 2. As per sub-section (3) of section 201 of the Act, there is a time limit of seven years for order made under sub-section (1) of section 201 of the Act deeming a person to be an assessee in default for failure to deduct the whole or any part of the tax where the payee is a person resi .....

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..... the end of the financial year in which payment is made or credit is given or tax was collectible or two years from the end of the financial year in which the correction statement is delivered, whichever is later. 5. The amendments will take effect from the 1st day of April, 2025. [ Clauses 69 70 ] Full Text : Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024 - FAQ - Frequently Asked Quest .....

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