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of <h1>Finance Bill 2022 Amends Section 201 of Income-tax Act: New Interest Rules for Tax Deduction Failures</h1> Clause 60 of the Finance Bill, 2022, amends section 201 of the Income-tax Act, 1961, addressing the consequences of failing to deduct or pay tax. Sub-section (1A) mandates that individuals liable to deduct tax at source but fail to do so, or fail to pay it to the government, must pay simple interest at specified rates. The amendment introduces a proviso stating that if an Assessing Officer issues an order for such a default, the person must pay interest as specified in that order. This change is effective from April 1, 2022.
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