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of <h1>Income Tax Bill 2025: Clause 398 penalties for failing to deduct, collect, or pay taxes; interest and asset charges apply.</h1> Clause 398 of the Income Tax Bill, 2025, outlines consequences for failing to deduct, collect, or pay taxes as required. If a person, including a company's principal officer, does not comply, they are deemed an assessee in default, except if the payee has filed a return, accounted for the income, and paid due taxes, supported by an accountant's certificate. Non-compliance incurs interest at specified rates and is charged against the person's assets. Orders deeming default must be made within specific time limits, and penalties apply only if the failure is without sufficient reason.
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