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of <h1>Finance Bill 2024 amends Income-tax Act, section 201: Reduces default time limit from 7 to 6 years, effective 2025.</h1> Clause 69 of the Finance (No. 2) Bill, 2024, amends section 201 of the Income-tax Act concerning the consequences of failing to deduct or pay tax. The amendment modifies sub-section (3) to change the time limit for deeming a person as an assessee in default from seven years to six years after the end of the financial year in which payment is made or credit is given. Additionally, it specifies that this time limit applies to any person, not just residents of India. The amendment is effective from April 1, 2025.
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