Limitation period for deeming a person an assessee in default shortened; orders barred unless within revised payment or correction period. Amendment revises sub-section (3) to shorten the limitation period for deeming a person an assessee in default for failure to deduct or pay tax, substituting a six-year bar measured from the end of the financial year in which payment is made or credit is given, and preserving an alternative two-year period from the end of the financial year in which a correction statement is delivered, whichever is later; also clarifies proviso reference as the first proviso.
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Limitation period for deeming a person an assessee in default shortened; orders barred unless within revised payment or correction period.
Amendment revises sub-section (3) to shorten the limitation period for deeming a person an assessee in default for failure to deduct or pay tax, substituting a six-year bar measured from the end of the financial year in which payment is made or credit is given, and preserving an alternative two-year period from the end of the financial year in which a correction statement is delivered, whichever is later; also clarifies proviso reference as the first proviso.
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