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of <h1>Penalties Under Finance Act 2008: Section 111 Details Fines for Non-Compliance with Commodities Transaction Tax Collection.</h1> Section 111 of the Finance Act, 2008, outlines penalties for failing to collect or pay the commodities transaction tax. An assessee who fails to collect the tax as required under Section 106 must pay a penalty equal to the uncollected tax amount. If the assessee collects the tax but fails to remit it to the Central Government, they face a daily penalty of one thousand rupees, which continues until the failure is rectified but does not exceed the unpaid tax amount. Additionally, interest may apply as per Section 110.
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