TMI BlogConsequences of failure to deduct or payX X X X Extracts X X X X X X X X Extracts X X X X ..... erson, including the principal officer of a company, who fails to deduct the whole or any part of the tax in accordance with the provisions of this Chapter on the sum paid to a 19 [ payee ] or on the sum credited to the account of a 19 [ payee ] shall not be deemed to be an assessee in default in respect of such tax if such 19 [ payee ] - ( i ) has furnished his return of income under section 139; ( ii ) has taken into account such sum for computing income in such return of income; and ( iii ) has paid the tax due on the income declared by him in such return of income, and the person furnishes a certificate to this effect from an accountant in such form as may be prescribed: ] 16 [ Provided further that ] no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x was deductible to the date of furnishing of return of income by such 20 [ payee ] . ] 22 [ Provided further that where an order is made by the Assessing Officer for the default under sub-section (1), the interest shall be paid by the person in accordance with such order. ] (2) Where the tax has not been paid as aforesaid after it is deducted, 10 [the amount of the tax together with the amount of simple interest thereon referred to in sub-section (1A)] shall be a charge upon all the assets of the person, or the company, as the case may be, referred to in sub-section (1). 18 [(3) No order shall be made under sub-section (1) deeming a person to be an assessee in default for failure to deduct the whole or any part of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 2001, w.e.f. 1-6-2001, eighteen was substituted for fifteen by the Finance Act, 1999, w.e.f. 1-6-1999, fifteen was substituted for twelve by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984, twelve was substituted for nine by the Finance Act, 1972, w.e.f. 1-4-1972 and nine was substituted for six by the Taxation Laws (Amendment) Act, 1967, w.e.f. 1-10-1967. 9. Inserted by the Finance Act, 2006, w.e.f. 1-6-2006. 10. Substituted for it by the Finance Act, 1966, w.e.f. 1-4-1966. 11. Section (1) substituted by Finance Act, 2008, w.e.f. 1.6.2002. Prior to substitution it was read as under: (1) If any such person 1 [referred to in section 200] and in the cases referred to in section 194, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id 9 [and such interest shall be paid before furnishing 12 [the statement] for each quarter in accordance with the provisions of sub-section (3) of section 200 15. Inserted vide Finance Act, 2012, w.e.f. 01-07-2012. 16. Substituted vide Finance Act, 2012, w.e.f. 01-07-2012., before it was read as:- Provided that 17. Substituted vide Finance Act, 2012, w.e.f. 01-04-2010., before it was read as:- four years 18. Substituted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of October, 2014, before it was read as, 13 [(3) No order shall be made under sub-section (1) deeming a person to be an assessee in default for failure to deduct the whole or any part of the tax from a person resident in India, at an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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