Tax collected at source defaults attract graded punishment, with a saving where payment is made before the prescribed statement deadline. Failure to pay tax collected at source to the credit of the Central Government under section 206C attracts punishment under section 276BB. The punishment ... Summary
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Tax collected at source defaults attract graded punishment, with a saving where payment is made before the prescribed statement deadline.
Failure to pay tax collected at source to the credit of the Central Government under section 206C attracts punishment under section 276BB. The punishment depends on the amount involved: simple imprisonment up to two years, or fine, or both where the amount exceeds fifty lakh rupees; simple imprisonment up to six months, or fine, or both where the amount exceeds ten lakh rupees but does not exceed fifty lakh rupees; and fine in any other case. The provision does not apply where the tax is paid on or before the time prescribed for filing the relevant statement.
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