https://www.taxtmi.com/acts?id=53887 Section 477 is amended to substitute the punishment for failure to pay tax collected to the credit of the Central Government. The revised provision creates graded penalties based on the amount unpaid: simple imprisonment up to two years, or fine, or both where the amount exceeds fifty lakh rupees; simple imprisonment up to six months, or fine, or both where the amount exceeds ten lakh rupees but does not exceed fifty lakh rupees; and fine in all other cases. en-us Tue, 31 Mar 2026 15:53:37 +0530 Tue, 31 Mar 2026 15:53:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=53887 Section 477 is amended to substitute the punishment for failure to pay tax collected to the credit of the Central Government. The revised provision creates graded penalties based on the amount unpaid: simple imprisonment up to two years, or fine, or both where the amount exceeds fifty lakh rupees; simple imprisonment up to six months, or fine, or both where the amount exceeds ten lakh rupees but does not exceed fifty lakh rupees; and fine in all other cases. Act-Rules F. Acts / Amendment Acts Tue, 31 Mar 2026 15:53:37 +0530 https://www.taxtmi.com/acts?id=53887