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TMI BlogConsequences of failure to deduct or payX X X X Extracts X X X X X X X X Extracts X X X X ..... fficer of a company, who fails to deduct the whole or any part of the tax in accordance with the provisions of this Chapter on the sum paid to a 19[payee] or on the sum credited to the account of a 19[payee] shall not be deemed to be an assessee in default in respect of such tax if such 19[payee]- (i) has furnished his return of income under section 139; (ii) has taken into account such sum for computing income in such return of income; and (iii) has paid the tax due on the income declared by him in such return of income, and the person furnishes a certificate to this effect from an accountant in such form as may be prescribed:] 16[Provided further that] no penalty shall be charged under section 221 from such person, unless the Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e an order is made by the Assessing Officer for the default under sub-section (1), the interest shall be paid by the person in accordance with such order.] (2) Where the tax has not been paid as aforesaid after it is deducted, 10[the amount of the tax together with the amount of simple interest thereon referred to in sub-section (1A)] shall be a charge upon all the assets of the person, or the company, as the case may be, referred to in sub-section (1). 18[(3) No order shall be made under sub-section (1) deeming a person to be an assessee in default for failure to deduct the whole or any part of the tax from 23[any person, at any time after the expiry of six years] from the end of the financial year in which payment is made or credit is g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ifteen" was substituted for "twelve" by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984, "twelve" was substituted for "nine" by the Finance Act, 1972, w.e.f. 1-4-1972 and "nine" was substituted for "six" by the Taxation Laws (Amendment) Act, 1967, w.e.f. 1-10-1967. 9. Inserted by the Finance Act, 2006, w.e.f. 1-6-2006. 10. Substituted for "it" by the Finance Act, 1966, w.e.f. 1-4-1966. 11. Section (1) substituted by Finance Act, 2008, w.e.f. 1.6.2002. Prior to substitution it was read as under: "(1) If any such person 1[referred to in section 200] and in the cases referred to in section 194, the principal officer and the company of which he is the principal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accordance with the provisions of sub-section (3) of section 200" 15. Inserted vide Finance Act, 2012, w.e.f. 01-07-2012. 16. Substituted vide Finance Act, 2012, w.e.f. 01-07-2012., before it was read as:- "Provided that" 17. Substituted vide Finance Act, 2012, w.e.f. 01-04-2010., before it was read as:- "four years" 18. Substituted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of October, 2014, before it was read as, "13[(3) No order shall be made under sub-section (1) deeming a person to be an assessee in default for failure to deduct the whole or any part of the tax from a person resident in India, at any time after the expiry of- (i) two years from the end of the financial year in which the stat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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