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of <h1>Amendment to Section 40: Tax Deduction Compliance Deemed on Payee's Return Filing Date for Non-Default Cases.</h1> Clause 11 of the Finance Bill, 2012, proposes an amendment to section 40 of the Income-tax Act, specifically sub-clause (ia) of clause (a). The amendment introduces a proviso effective from April 1, 2013, applicable to the assessment year 2013-2014 onwards. It stipulates that if an assessee fails to deduct tax as per Chapter XVII-B but is not considered in default under section 201(1), it will be deemed that the tax was deducted and paid on the date the resident payee files their income return.
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