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of <h1>Finance Bill 2016: Penalties for Not Deducting or Paying Equalisation Levy Under Clause 168 Explained.</h1> Clause 168 of the Finance Bill, 2016, addresses penalties for failure to deduct or pay the equalisation levy. If an assessee fails to deduct the levy as required, they are liable to a penalty equal to the undeducted levy amount. If the levy is deducted but not paid to the Central Government, the penalty is one thousand rupees per day of continued failure, capped at the amount of the unpaid levy. The clause ensures compliance by imposing financial consequences for non-adherence to the levy requirements.
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