Section 278B of ITA, 1961 : Section 278B: Offences By Companies

ITA, 1961

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Explanation using Example

Imagine a scenario where XYZ Pvt. Ltd., a company, fails to deposit the TDS (Tax Deducted at Source) amount to the government within the stipulated time frame, which is an offence under the Income-tax Act, 1961. According to Section 278B, not only is the company (XYZ Pvt. Ltd.) held responsible and liable for the offence, but also the individuals who were in charge of the company at the time the offence was committed.

For instance, Mr. A, the Managing Director of XYZ Pvt. Ltd., was overseeing the company's operations during the period when the TDS was not deposited. Under Section 2...

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