Limitation period for tax deduction defaults set to seven years, altering when a person is deemed an assessee in default. The amendment substitutes the existing temporal bar to deeming a person an assessee in default for failure to deduct tax from a resident, providing that ... Summary
Limitation period for tax deduction defaults set to seven years, altering when a person is deemed an assessee in default.
The amendment substitutes the existing temporal bar to deeming a person an assessee in default for failure to deduct tax from a resident, providing that no order shall be made under the deeming provision after the expiry of a seven-year limitation period from the end of the financial year in which payment is made or credit is given, thereby replacing the prior bifurcated limitation rule tied to filing of the related statement.
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