Section 276B of Income Tax Act for AY 2023-24

Section 276B of Income Tax Act 1961 amended by Finance Act 2022 and IT Rules. Failure to pay tax to credit of CG under Chapter XII-D or XVII-B.

Amended and updated notes on section 276B 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 Failure to pay tax to the credit of Central Government under Chapter XII-D or XVII-B.

Chapter XXII (Sections 275A to 280D) of the Income Tax Act 1961 deals with the provisions related to offences and prosecutions. Section 276B of IT Act 1961 provides for Failure to pay tax to the credit of Central Government under Chapter XII-D or XVII-B.

Recently, we have discussed in detail section 276A (Failure to comply with the provisions of sub-sections (1) and (3) of section 178) of IT Act 1961. Today, we learn the provisions of section 276B of Income-tax Act 1961. The amended provision of section 276B is effective for financial year 2020-21 relevant to the assessment year 2021-22.

In this article, you will learn detail of the provisions of section 276B 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-276B: Failure to pay tax to the credit of Central Government under Chapter XII-D or XVII-B

If a person fails to pay to the credit of the Central Government,—

(a) the tax deducted at source by him as required by or under the provisions of Chapter XVII-B; or

(b) the tax payable by him, as required by or under—

he shall be punishable with rigorous imprisonment for a term which shall not be less than three months but which may extend to seven years and with fine.

[Sub-clause(ii) in clause (b) of section 276B amended (omitted) w.e.f. 1-April-2022 by the Finance Act 2022]


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