Section 448 — Penalty for failure to deduct tax at source
Old Act equivalent: Section 271C of IT Act 1961 Sub-part: A—Penalties
Statutory Text
- If any person fails to—
(a) deduct the whole or any part of the tax as required under Chapter XIX-B; or
(b) pay or ensure the payment of, the whole or any part of the tax as required by or under— Officer may impose a penalty on such person, which shall be the lesser of—
(a) 0.5% of the total sales, turnover, or gross receipts in business, or the gross receipts in profession for such tax year or years; or
(b) ` 150000.” Penalty for failure to collect tax at source.
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Person who fails to deduct tax as required by Chapter XIX-B.
- Conditions: Failure to deduct whole or any part of TDS.
- Time limits: None specified.
- Monetary limits: Sum equal to the amount of tax not deducted.
- Exceptions: Penalty imposable by Joint Commissioner (Appeals) or Commissioner (Appeals).
Cross-References
None identified.
Amendment Notes
None noted from the extracted pages.