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of <h1>Amendment to Section 201 of Income-tax Act: New time limits for tax deduction default orders, effective 2009 and 2010.</h1> Section 201 of the Income-tax Act is amended by the Finance (No. 2) Act, 2009. The amendment replaces 'the quarterly statement for each quarter' with 'the statement' in sub-section (1A), effective October 1, 2009. New sub-sections (3) and (4) are added, effective April 1, 2010. Sub-section (3) specifies that no order deeming a person as an assessee in default for failing to deduct tax shall be made after two years from the end of the financial year if the statement is filed, or four years if not filed. An exception is provided for orders related to financial years starting on or before April 1, 2007, which can be passed until March 31, 2011. Sub-section (4) applies provisions of section 153 to the time limit in sub-section (3).
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