Failure to pay collected tax now carries tiered penalties: fines or simple imprisonment depending on monetary thresholds. Substitutes section 477(1) to impose a tiered penalty for failure to pay tax collected under section 397(3)(a): simple imprisonment up to two years or fine or both where tax exceeds fifty lakh rupees; simple imprisonment up to six months or fine or both where tax exceeds ten lakh but does not exceed fifty lakh rupees; and fine in any other case.
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Provisions expressly mentioned in the judgment/order text.
Failure to pay collected tax now carries tiered penalties: fines or simple imprisonment depending on monetary thresholds.
Substitutes section 477(1) to impose a tiered penalty for failure to pay tax collected under section 397(3)(a): simple imprisonment up to two years or fine or both where tax exceeds fifty lakh rupees; simple imprisonment up to six months or fine or both where tax exceeds ten lakh but does not exceed fifty lakh rupees; and fine in any other case.
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