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<h1>Failure to deduct or collect tax triggers deemed assessee status with interest and asset charge unless payee files return.</h1> Failure to deduct, collect or pay tax at source makes the person a deemed assessee in default, subject to liability for prescribed simple interest for the periods before and after deduction/collection, unless the payee/buyer/licensee/lessee has filed a return declaring the amount and paid tax and the person furnishes an accountant's certificate; unpaid tax and interest form a charge on the person's assets, orders are subject to specified limitation periods, and penalties require proof of lack of good and sufficient reasons.
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