Penalty for failure to remit securities transaction tax: daily sanction accrues until unpaid tax is capped. Assessees who fail to collect securities transaction tax must pay the tax and interest and incur a penalty equal to the uncollected tax; assessees who collect but fail to remit must pay the tax and interest and incur a daily penalty of one thousand rupees for each day of default, the total of which is capped at the amount of securities transaction tax unpaid.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Penalty for failure to remit securities transaction tax: daily sanction accrues until unpaid tax is capped.
Assessees who fail to collect securities transaction tax must pay the tax and interest and incur a penalty equal to the uncollected tax; assessees who collect but fail to remit must pay the tax and interest and incur a daily penalty of one thousand rupees for each day of default, the total of which is capped at the amount of securities transaction tax unpaid.
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