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of <h1>Penalties for not deducting tax at source under Section 271C apply to virtual assets, online winnings, and more.</h1> Penalty under Section 271C of the Income Tax Act is imposed for specific defaults, including failure to deduct tax at source, failure to pay dividend distribution tax, and failure to ensure tax payment on winnings in kind where the cash part is insufficient. This also applies to winnings from online games, benefits or perquisites in kind, and consideration for the transfer of virtual digital assets. These obligations are outlined in Sections 194B, 194BA, 194R, and 194S, respectively.
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