After section 234D of the Income-tax Act, the following
sub-heading and section shall be inserted with effect from the 1st day of July,
2012, namely :—
"G.—Levy of fee in certain cases
234E. Fee for defaults in furnishing statements.—(1) Without prejudice
to the provisions of the Act, where a person fails to deliver or cause to be
delivered a statement within the time prescribed in sub-section (3) of section
200 or the proviso to sub-section (3) of section 206C, he shall be liable to
pay, by way of fee, a sum of two hundred rupees for every day during which the
failure continues.
(2) The amount of fee referred to in sub-section (1) shall not
exceed the amount of tax deductible or collectible, as the case may be.
(3) The amount of fee referred to in sub-section (1) shall be paid
before delivering or causing to be delivered a statement in accordance with
sub-section (3) of section 200 or the proviso to sub-section (3) of section
206C.
(4) The provisions of this section shall apply to a statement
referred to in sub-section (3) of section 200 or the proviso to sub-section (3)
of section 206C which is to be delivered or caused to be delivered for tax
deducted at source or tax collected at source, as the case may be, on or after
the 1st day of July, 2012.".
Clause
86 of the Bill seeks to insert a new
sub-heading "G.—Levy of fee in certain cases" and a new section 234E
in the Income-tax Act relating to fee for defaults in furnishing statements.
It is proposed to insert a new section 243E so as to provide that—
(1) Without prejudice to the provisions of the Act, where a person fails to deliver or cause to be delivered a statement within the time prescribed in sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C, he shall be liable to pay, by way of fee, a sum of two hundred rupees for every day during which the failure continues.
(2) The amount of fee referred to in sub-section (1) shall not exceed the amount of tax deductible or collectible, as the case may be.
(3) The amount of fee referred to in sub-section (1) shall be paid before delivering or causing to be delivered a statement in accordance with sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C.
(4) The provisions of this section shall apply to a statement referred to in sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C which is to be delivered or caused to be delivered for tax deducted at source or tax collected at source, as the case may be, on or after the 1st day of July, 2012.
This amendment will take effect from 1st July, 2012.
It is proposed to insert a new section 243E so as to provide that—
(1) Without prejudice to the provisions of the Act, where a person fails to deliver or cause to be delivered a statement within the time prescribed in sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C, he shall be liable to pay, by way of fee, a sum of two hundred rupees for every day during which the failure continues.
(2) The amount of fee referred to in sub-section (1) shall not exceed the amount of tax deductible or collectible, as the case may be.
(3) The amount of fee referred to in sub-section (1) shall be paid before delivering or causing to be delivered a statement in accordance with sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C.
(4) The provisions of this section shall apply to a statement referred to in sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C which is to be delivered or caused to be delivered for tax deducted at source or tax collected at source, as the case may be, on or after the 1st day of July, 2012.
This amendment will take effect from 1st July, 2012.
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