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Amendments proposed in section 276B of the Act for rationalisation of provisions Section 276B of the Act provides for prosecution in case of failure to pay tax to the credit of Central Government under Chapter XII-D or XVII-B. The provisions ofthe said section state that, inter-alia, if a person fails to pay to the credit of the Central Government, the tax deducted at source by him as required by or under the provisions of Chapter XVII-B, he shall be punishable with rigorous imprisonment for a
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FAQ :
Section 276B of the Act deals with prosecution for failure to pay tax deducted at source to the credit of the Central Government.
Currently, failure to pay deducted tax can result in rigorous imprisonment from three months up to seven years, along with a fine.
It is proposed that a person covered under clause (a) will be exempt from prosecution if they make the tax payment for a quarter by the prescribed deadline for filing the statement for that quarter.
The proposed amendments are scheduled to take effect from the 1st day of October, 2024.
The proposed exemption specifically applies to a person covered under clause (a) of Section 276B, regarding tax deducted at source for a quarter, if paid by the statement filing deadline.
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