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of <h1>Amendment to Section 206C(7A) Excludes Court-Ordered Stay Periods from Time Limit for Default Assessment, Effective April 2025.</h1> Sub-section (7A) of section 206C of the Act stipulates a time limit for deeming a person as an assessee in default for not collecting tax, set at six years from the end of the financial year when the tax was collectible or two years from the financial year when a correction statement is delivered, whichever is later. The proposed amendment allows for the exclusion of periods where proceedings were stayed by court orders when calculating this time limit. The amendment will align with section 153 provisions and will be effective from April 1, 2025.
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