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of <h1>Amendment to Section 276BB: No prosecution if TCS paid before quarterly statement deadline starting April 2025.</h1> The Union Budget 2025-26 proposes an amendment to Section 276BB of the Income Tax Act, which deals with prosecution for failure to pay tax collected at source (TCS) to the Central Government. Currently, failure to pay TCS can result in imprisonment of three to seven years and a fine. The amendment will exempt individuals from prosecution if they pay the TCS before the deadline for filing the quarterly statement as per Section 206C. This change will be effective from April 1, 2025.
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