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of <h1>Finance Bill 2023 amends Section 276B of the Income-tax Act, expanding grounds for proceedings on tax remittance failures.</h1> Clause 119 of the Finance Bill, 2023, amends section 276B of the Income-tax Act, concerning the failure to pay tax to the Central Government. The amendment modifies clause (a) to apply when a person fails to remit tax deducted at source as required under Chapter XVII-B. Clause (b) is revised to include failures under specific sections, such as 115-O, 194B, 194R, and 194S, as grounds for proceedings. The changes take effect from April 1, 2023. Additionally, from July 1, 2023, failures under section 194BA will also be grounds for proceedings.
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