Time limit for deeming assessee in default reduced to six years for deduction and collection; correction statement extends limitation. Amendments to section 201 and insertion of sub section (7A) in section 206C impose a uniform limitation: no order deeming a person an assessee in default ... Summary
Time limit for deeming assessee in default reduced to six years for deduction and collection; correction statement extends limitation.
Amendments to section 201 and insertion of sub section (7A) in section 206C impose a uniform limitation: no order deeming a person an assessee in default shall be made after six years from the end of the financial year in which payment/credit occurred or tax was collectible, or two years from the end of the financial year in which a correction statement is delivered, whichever is later; effective 1 April 2025.
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