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of <h1>Finance Bill 2012 amends Income-tax Act Section 201: New rules on tax deduction failures, interest, and accountant definition.</h1> Clause 77 of the Finance Bill, 2012 amends section 201 of the Income-tax Act, addressing failure to deduct tax. Effective July 1, 2012, a new proviso in sub-section (1) states that a person, including a company officer, who fails to deduct tax is not an assessee in default if the resident has filed a return, accounted for the sum, and paid due tax, with a certificate from an accountant. An additional proviso in sub-section (1A) requires interest payment from the deduction date to the return filing date. Sub-section (3) extends the order period from four to six years, effective April 1, 2010. An explanation defining 'accountant' is added, effective July 1, 2012.
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