India - Income Tax Act 2010 - Saarc

1.773 CH. XVII - COLLECTION AND RECOVERY - DEDUCTION AT SOURCE S. 201Provided that no intimation under this sub-section shall be sent after the expiryof one year from the end of the financial year in which the statement is filed.Explanation.—For the purposes of this sub-section, “an incorrect claim apparentfrom any information in the statement” shall mean a claim, on the basis of anentry, in the statement—(i) of an item, which is inconsistent with another entry of the same orsome other item in such statement;(ii) in respect of rate of deduction of tax at source, where such rate is notin accordance with the provisions of this Act.(2) For the purposes of processing of statements under sub-section (1), the Boardmay make a scheme for centralised processing of statements of tax deducted atsource to expeditiously determine the tax payable by, or the refund due to, thedeductor as required under the said sub-section.]Consequences of failure to deduct or pay. 92a201. 93 [(1) Where any person, including the principal officer of a company,—(a) who is required to deduct any sum in accordance with theprovisions of this Act; or(b) referred to in sub-section (1A) of section 192, being an employer,does not deduct, or does not pay, or after so deducting fails to pay, the whole orany part of the tax, as required by or under this Act, then, such person, shall,without prejudice to any other consequences which he may incur, be deemed tobe an assessee in default in respect of such tax:Provided that no penalty shall be charged under section 221 from such person,unless the Assessing Officer is satisfied that such person, without good andsufficient reasons, has failed to deduct and pay such tax.]94-99[(1A) Without prejudice to the provisions of sub-section (1), if any such person,principal officer or company as is referred to in that sub-section does not deductthe whole or any part of the tax or after deducting fails to pay the tax as requiredby or under this Act, he or it shall be liable to pay simple interest,—92a. See also Circular Nos. 685, 686 and 696, dated 17-6-1994, 12-8-1994 and 28-2-1995,respectively. For details, see Taxmann’s Master Guide to Income-tax Act.93. Substituted by the Finance Act, 2008, w.r.e.f. 1-6-2002. Prior to its substitution, subsection(1), as amended by the Finance Act, 2002, w.e.f. 1-6-2002, Finance Act, 2001,w.r.e.f. 1-4-1962, Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988 and FinanceAct, 1966, w.e.f. 1-4-1966, read as under :“(1) If any such person referred to in section 200 and in the cases referred to in section194, the principal officer and the company of which he is the principal officer does notdeduct the whole or any part of the tax or after deducting fails to pay the tax as requiredby or under this Act, he or it shall, without prejudice to any other consequences whichhe or it may incur, be deemed to be an assessee in default in respect of the tax :Provided that no penalty shall be charged under section 221 from such person, principalofficer or company unless the Assessing Officer is satisfied that such person or principalofficer or company, as the case may be, has without good and sufficient reasons failedto deduct and pay the tax.”94-99. Substituted by the Finance Act, 2010, w.e.f. 1-7-2010. Prior to its substitution, sub-section(1A) as amended by the Finance (No. 2) Act, 2009, w.e.f. 1-10-2009, Finance Act, 2006,w.e.f. 1-6-2006, Finance Act, 2001, w.r.e.f. 1-4-1962 and Finance Act, 1966, w.e.f. 1-4-1966,read as under :(Contd. on p. 1.774)