Amended and updated notes on section 229 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Recovery of penalties, fine, interest and other sums.
Chapter XVII (Sections 190 to 234G) of the Income Tax Act 1961 deals with the provisions related to collection and recovery of tax. Section 229 of IT Act 1961 provides for Recovery of penalties, fine, interest and other sums.
Recently, we have discussed in detail section 228A (Recovery of tax in pursuance of agreements with foreign countries) of IT Act 1961. Today, we learn the provisions of section 229 of Income-tax Act 1961. The amended provision of section 229 is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 229 of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-229: Recovery of penalties, fine, interest and other sums
Any sum imposed by way of interest, fine, penalty, or any other sum payable under the provisions of this Act, shall be recoverable in the manner provided in this Chapter for the recovery of arrears of tax.