Penalty for failure to deliver withholding and collection statements now attracts a daily sanction, subject to a cap tied to tax liability. A new penal clause requires persons to deliver statements under the prescribed sub sections of the withholding and collection provisions within the prescribed time; failure incurs a daily penalty. The proviso is amended to cap the aggregate penalty for non filing of those specified withholding or collection statements so that it does not exceed the amount of tax deductible or tax collectible.
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Provisions expressly mentioned in the judgment/order text.
Penalty for failure to deliver withholding and collection statements now attracts a daily sanction, subject to a cap tied to tax liability.
A new penal clause requires persons to deliver statements under the prescribed sub sections of the withholding and collection provisions within the prescribed time; failure incurs a daily penalty. The proviso is amended to cap the aggregate penalty for non filing of those specified withholding or collection statements so that it does not exceed the amount of tax deductible or tax collectible.
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