Finance Act, 1986
|
Penalties. |
40.—(1) Schedule 15 to the Income Tax Act, 1967 , is hereby amended by the insertion— | |
(a) in column 2 of “Finance Act, 1986, section 33 (2)”, | ||
and | ||
(b) in column 3 of “Finance Act, 1986, section 32 (1)”. | ||
(2) Section 94 (2) of the Finance Act, 1983 , is hereby amended by the insertion after paragraph (d) of the following paragraph: | ||
“(dd) (i) fails to make any deduction required to be made by him under section 32 (1) of the Finance Act, 1986, | ||
(ii) fails, having made the deduction, to pay the sum deducted to the Collector-General within the time specified in that behalf in section 33 (3) of that Act, or | ||
(iii) fails to pay to the Collector-General an amount on account of appropriate tax (within the meaning of Chapter IV of Part I of that Act) within the time specified in that behalf in section 33 (4) of that Act,”. |