Section 276B of the Income Tax Act is being amended to provide ...

Budget: No prosecution for TDS non-payment if paid by statement filing due date. Decriminalizes offence from Oct 2024.

Notes Bill

July 28, 2024

Section 276B of the Income Tax Act is being amended to provide exemption from prosecution for failure to pay tax deducted at source (TDS) if the payment is made by the due date for filing the TDS statement for that quarter. Currently, non-payment of TDS attracts rigorous imprisonment of 3 months to 7 years and fine. The amendment decriminalizes the offence if TDS is paid by the statement filing due date. The amendment takes effect from October 1, 2024.

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Section 276B of the Income Tax Act is being amended to provide ...

Budget: No prosecution for TDS non-payment if paid by statement filing due date. Decriminalizes offence from Oct 2024.

Notes Bill

July 28, 2024

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