Section 56 - Substitution of new section for section 276B - Finance Act, 1997

56. Substitution of new section for section 276B For section 276B of the Income-tax Act, the following section shall be substituted with effect from the 1st day of June, 1997, namely :- 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, - (i) sub-section (2) of section 115-O; or (ii) second proviso to section 194B, 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.