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of <h1>Amendment to Section 271C: Penalty Equals Undeducted Tax for Non-Compliance with Income-Tax Obligations Effective June 1997.</h1> Section 271C of the Income-tax Act has been amended by the Finance Act, 1997, effective June 1, 1997. The revised sub-section (1) stipulates that any person who fails to deduct or pay the whole or any part of the tax as required under Chapter XVII-B, or under sub-section (2) of section 115-O, or the second proviso to section 194B, will incur a penalty. This penalty is equivalent to the amount of tax that the person failed to deduct or pay.
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