TCS Penalty as per Income tax Act

By | April 20, 2016

Penalty for failure to collect tax at source 

Section – 271CA, Income-tax Act, 1961 ( Inserted by the Finance Act, 2006, w.e.f. 1-4-2007.)

271CA. (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.]