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of <h1>Finance Act 2019 amends Section 201: 'Resident' changed to 'Payee,' new credit timeframe introduced for tax corrections.</h1> Section 201 of the Income-tax Act was amended effective September 1, 2019, by the Finance (No. 2) Act, 2019. In sub-sections (1) and (1A), the term 'resident' is replaced with 'payee.' Additionally, in sub-section (3), the amendment introduces a new time frame for credit, specifying that it is either two years from the end of the financial year in which the correction statement is delivered under section 200(3) or when credit is given, whichever is later.
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