Income Tax: The proposed amendments aim to introduce a time limitation of six years from the end of the...

Income Tax: The proposed amendments aim to introduce a time limitation of six years from the end of the relevant financial year or two years from the end of the financial year in which the correction statement is delivered, whichever is later, for issuing orders deeming any person as an assessee in default for failure to deduct/collect tax. This time limit applies to both resident and non-resident payees/persons u/ss 201 and 206C of the Income Tax Act. The amendments seek to provide certainty and address the existing lack of time limitation for non-residents u/s 201. The changes are set to take effect from April 1, 2025. .....

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