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of <h1>Finance Bill 2023: Amendments to Section 271C of Income-tax Act Tighten Penalties for Tax Deduction Failures</h1> Clause 113 of the Finance Bill, 2023, proposes amendments to section 271C of the Income-tax Act, which addresses penalties for failing to deduct tax at source. The amendments include adding the requirement to ensure payment of tax, not just payment itself, with penalties equal to the unpaid tax amount. References to sections 194R, 194S, and 194BA are incorporated, with changes effective from April 1, 2023, and July 1, 2023, respectively. These changes aim to enhance compliance by holding individuals accountable for both payment and ensuring payment of taxes.
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