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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Section 201: Non-compliance with tax deduction duties may lead to default status, penalties require lack of sufficient reason.</h1> Section 201 of the Income-tax Act has been amended by the Finance Act, 2008, effective from June 1, 2002. The amendment specifies that any person, including a company's principal officer, who is required to deduct tax but fails to do so, or fails to pay the deducted tax, will be considered an assessee in default. However, no penalty under section 221 will be imposed unless the Assessing Officer determines that the failure to deduct and pay tax was without good and sufficient reasons.
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