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of <h1>Finance Act 2003: New Penalties for Carriers and Officials on Inland Air Travel Tax Evasion u/ss 46B and 46C.</h1> Section 166 of the Finance Act, 2003, introduces sections 46B and 46C into the Finance Act, 1989, concerning the Inland Air Travel Tax. Section 46B mandates rigorous imprisonment of three months to seven years and fines for carriers failing to remit collected taxes to the Central Government. Section 46C holds company officials accountable if the offense is committed with their consent or due to their negligence, unless they prove lack of knowledge or due diligence. These provisions apply to offenses post-May 14, 2003, and require public notification. Receipt acknowledgment of the circular is requested.
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