Section 276B of ITA, 1961 : Section 276B: Failure To Pay Tax To The Credit Of Central Government Under Chapter Xii-D Or Xvii-B

ITA, 1961

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Explanation using Example

Imagine a company, ABC Pvt. Ltd., which has employed several contractors over the past financial year. As per the Income-tax Act, ABC Pvt. Ltd. is required to deduct tax at source (TDS) on the payments made to these contractors and deposit the deducted amount with the Central Government.

However, due to negligence, the comp...

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