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of <h1>Proposed Amendments to Section 276B: Exemption from Prosecution for Timely Tax Remittance in Union Budget 2024-25.</h1> Amendments to Section 276B of the Act are proposed in the Union Budget 2024-25, aiming to rationalize tax administration provisions. Currently, failure to remit tax deducted at source to the Central Government can result in rigorous imprisonment from three months to seven years, along with a fine. The proposed amendment offers exemption from prosecution for individuals who pay the deducted tax for a quarter by the deadline for filing the quarterly statement under Section 200(3) of the Act. This change is set to be effective from October 1, 2024.
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