What is Penalty for failure to collect tax at source? What is Penalty for failure to comply with the provisions of section 269SS? Section 271CA and 271D of Income Tax Act 1961

Penalty for failure to collect tax at source and Penalty for failure to comply with the provisions of section 269SS are defined under section 271CA and 271D of Income Tax Act 1961. Provisions under these Sections are:

Section 271CA of Income Tax Act "Penalty for failure to collect tax at source"

Section 271CA. (1) If any person fails to collect the whole or any part of the tax as required by or under the provisions of Chapter XVII-BB, then, such person shall be liable to pay, by way of penalty, a sum equal to the amount of tax which such person failed to collect as aforesaid.

(2) Any penalty imposable under sub-section (1) shall be imposed by the Joint Commissioner.

 

Section 271D of Income Tax Act "Penalty for failure to comply with the provisions of section 269SS"

Section 271C. 271D. (1) If a person takes or accepts any loan or deposit [or specified sum] in contravention of the provisions of section 269SS, he shall be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit 88[or specified sum] so taken or accepted.

(2) Any penalty imposable under sub-section (1) shall be imposed by the Joint Commissioner.

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