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of <h1>Amendment to Section 40: New Proviso for Assessees Not in Default Under Sec 201(1); 'Resident' Removed from Sub-clause (ia).</h1> Section 40 of the Income-tax Act is amended by the Finance (No. 2) Act, 2019, effective April 1, 2020. In clause (a), sub-clause (i), a new proviso is added stating 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 payee files their return. Additionally, in sub-clause (ia), the term 'resident' is removed from the second proviso.
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