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Section 15: Penalty for failure to collect or pay expenditure-tax.

The Expenditure-tax Act, 1987Central Act · Act 35 of 1987

[15. Penalty for failure to collect or pay expenditure-tax.--Any person responsible for collecting expenditure-tax in accordance with the provisions of sub-section (1) or sub-section (2) of section 7, who--

(a) fails to collect such tax; or

(b) having collected the tax, fails to pay such tax to the credit of the Central Government in accordance with the provisions of sub-section (3) of that section,

shall pay,--

(i) in the case referred to in clause (a), in addition to paying tax in accordance with the provisions of sub-section (4) of that section, by way of penalty, a sum equal to the amount of tax that he failed to collect; and

(ii) in the case referred to in clause (b), in addition to paying interest in accordance with the provisions of section 14, by way of penalty, a sum which shall not be less than one hundred rupees but which may extend to two hundred rupees for every day during which the failure continues, so, however, that the penalty under this clause shall not exceed the amount of tax that he failed to pay.]

Where this provision sits

ActThe Expenditure-tax Act, 1987
Section15
Marginal notePenalty for failure to collect or pay expenditure-tax.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • substituted, Act 49 of 1991. . Subs. by Act 49 of 1991, s. 117, for section 15 (w.e.f. 1-10-1991).

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