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of <h1>Section 201: Deductor deemed assessee in default, liable for interest, asset charge, exemption on payee proof</h1> Where a person (including a principal officer or employer) required to deduct tax at source fails to deduct or to pay, or deducts but fails to pay, that person is deemed an assessee in default and may face consequences including liability for simple interest (1% per month from when tax was deductible and 1.5% per month from deduction to payment), obligation to pay interest before filing the relevant statement, and a charge on all assets for unpaid tax and interest. No penalty under the specified provision is leviable unless the assessing officer is satisfied of absence of good and sufficient reasons. A proviso exempts the deductor from default if the payee has filed and paid tax on the income and an accountant's certificate is furnished. Time limits govern making default orders.
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