Amendment of section 201.

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....;   (i) in sub-section (1),-       (a) before the proviso, the following proviso shall be inserted, namely:-            "Provided that any person, including the principal officer of a company, who fails to deduct the whole or any part of the tax in accordance with the provisions of this Chapter on the s....

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....;    (b) in the proviso, for the words "Provided that", the words "Provided further that" shall be substituted;            (ii) after sub-section (1A), the following proviso shall be inserted, namely:-       "Provided that in case any person, including the principal officer of a company fails to deduct ....

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....namely:-            "Explanation.-For the purposes of this section, the expression "accountant" shall have the meaning assigned to it in the Explanation to sub-section (2) of section 288.". - Clause 77 of the Bill seeks to amend section 201 of the Income-tax Act relating to consequences of failure to deduct or pay. It is proposed to insert....

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....t a new proviso to sub-section (1A) of the aforesaid section so as to provide that in case any person, including the principal officer of a company fails to deduct the whole or any part of the tax in accordance with the provisions of this Chapter on the sum paid to a resident or on the sum credited to the account of a resident but is not deemed to be an assessee in default under the first proviso ....