Payee substitution in section 201 replaces 'resident' with 'payee' and extends time limit for credit after correction statement. Amendment replaces the term resident with payee in the provisos to sub-sections (1) and (1A) of section 201, and inserts an alternative benchmark in sub-section (3) so that credit is recognized when given or upon expiry of a later period measured from the end of the financial year in which a correction statement is delivered under the proviso to sub-section (3) of section 200, whichever is later.