Limitation on assessments: new time bars for failure to deduct tax with two- and four-year limits after filing or payment. Section 201 is amended to substitute 'the statement' for the prior quarterly-statement wording and to insert time limits: no order deeming an assessee in default for failure to deduct tax in respect of a resident may be made after two years from the end of the financial year where the section 200 statement is filed, or after four years from the end of the financial year in which payment is made or credit given where no such statement is filed; transitional and cross-application provisions regarding section 153 are provided.
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Limitation on assessments: new time bars for failure to deduct tax with two- and four-year limits after filing or payment.
Section 201 is amended to substitute "the statement" for the prior quarterly-statement wording and to insert time limits: no order deeming an assessee in default for failure to deduct tax in respect of a resident may be made after two years from the end of the financial year where the section 200 statement is filed, or after four years from the end of the financial year in which payment is made or credit given where no such statement is filed; transitional and cross-application provisions regarding section 153 are provided.
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