Direct & Indirect Taxes, Tax Ready Reckoner, Tax Management, Tax Act. & Rules, Tax Planning & Tax Savings.

Direct & Indirect Taxes, Tax Ready Reckoner, Tax Management, Tax Act. & Rules, Tax Planning & Tax Savings.

Penal Provisions in case of TCS

Penal Provisions in case of TCS
Penal Provisions in case of TCS
Section No. Nature of default Penalty Officer who
shall impose
the penalty
No penally for
reasonable
cause i.e.
whether section
273 is
applicable
1 2 3 4 5
271CA Failure to collect the whole or any part of tax as required by or under the provisions of Chapter XVIIBB Sum equal to the amount of tax which he / it failed to collect Joint Commissioner Yes
272A(2)(g) Failure to furnish certificate as required under section 206C Rs. 100 for every day during which the failure continues but the penalty shall not exceed the amount of tax collected Joint Commissioner Yes
272A(2)(/) Failure to deliver or cause it to be
delivered a copy of declaration under Form No. 27C in due time
Rs. 100 for every day during which the failure continues but the penalty shall not exceed the amount of tax collected Joint Commissioner Yes
272A(2)(k) Failure to deliver or cause to be delivered statement within the time prescribed in proviso to Section 206C (3) (Not applicable on or after 1.7.2012. ) Rs. 100 for every day during which the failure continues The penalty shall not exceed the amount of tax collectible at source Joint Commissioner Yes
272A(2)(m) Failure to deliver or cause to be delivered a statement within the time as may be
prescribed under section 206C(3A)
Rs. 100 for every day during which the failure continues Joint
Commissioner
Yes
276BB Failure to pay the tax collected at source Punishable with rigorous imprisonment for a term which shall not be less than3 months but which may extend to 7 years and with fine. With previous sanction of Principal Chief Corn-missioner or Chief Commissioner/ Principal
Commissioner or Commissioner/ Principal Director General or Director General
Yes
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