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

Section 276BB of Income Tax Act 1961 amended by the Finance Act 2022 and Income-tax Rules, 1962. Failure to pay the tax collected at source.

Amended and updated notes on section 276BB 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 the tax collected at source.

Chapter XXII (Sections 275A to 280D) of the Income Tax Act 1961 deals with the provisions related to offences and prosecutions. Section 276BB of IT Act 1961 provides for Failure to pay the tax collected at source.

Recently, we have discussed in detail section 276B (Failure to pay tax to the credit of Central Government under Chapter XII-D or XVII-B) of IT Act 1961. Today, we learn the provisions of section 276BB of Income-tax Act 1961. The amended provision of section 276BB 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 276BB 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-276BB: Failure to pay the tax collected at source

If a person fails to pay to the credit of the Central Government, the tax collected by him as required under the provisions of section 206C, 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.


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