Section 52 - Insertion of new section 271CA - Finance Act, 2006

52. Insertion of new section 271CA.- After section 271C of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2007, namely:- "271CA. Penalty for failure to collect tax at source - (1) If any person fails to collect the whole or any part of the tax as required by or under the provisions of Chapter XVII-BB, then, such person shall be liable to pay, by way of penalty, a sum equal to the amount of tax which such person failed to collect as aforesaid. (2) Any penalty imposable under sub-section (1) shall be imposed by the Joint Commissioner.".