{"act":{"id":"finance-act-2016","short_title":"The Finance Act, 2016","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2016-2017.","act_number":null,"act_year":2016,"enact_date":"2016-06-27","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":276,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2016/"},"unit":"section","section":{"number":"171","heading":"Penalty for failure to deduct or pay equalisation levy","text":"Penalty for failure to deduct or pay equalisation levy. 171. Any [assessee or e-commerce operator] who— (a) | fails to deduct the whole or any part of the equalisation levy as required under section 166; or [(aa) | fails to pay the whole or any part of the equalisation levy asrequired under section 166A; or] (b) | having deducted the [equalisation levy referred to in sub-section (1) of section 165], fails to pay such levy to the credit of the Central Government in accordance with the provisions of sub-section (2) of that section, shall be liable to pay,— (i) | in the case referred to in clause (a), in addition to paying the levy in accordance with the provisions of sub-section (3) of that section, or interest, if any, in accordance with the provisions of section 170, a penalty equal to the amount of equalisation levy that he failed to [deduct; (ia) | in the case referred to in clause (aa), in addition to the levy in accordance with the provisions of that section, or interest, if any, in accordance with the provisions of section 170, a penalty equal to the amount of equalisation levy that he failed to pay; and] (ii) | in the case referred to in clause (b), in addition to paying the levy in accordance with the provisions of sub-section (2) of that section and interest in accordance with the provisions of section 170, a penalty of one thousand rupees for every day during which the failure continues, so, however, that the penalty under this clause shall not exceed the amount of equalisation levy that he failed to pay. 1. Substituted for \"assessee\" by the Finance Act, 2020, w.e.f. 1-4-2020. 2. Inserted by the Finance Act, 2020, w.e.f. 1-4-2020. 3. Substituted for \"equalisation levy\" by the Finance Act, 2020, w.e.f. 1-4-2020. 4. Substituted for \"deduct and\" by the Finance Act, 2020, w.e.f. 1-4-2020.","html":"<p><b>Penalty for failure to deduct or pay equalisation levy.</b></p><p><b>171.</b> Any <sup></sup><b>[</b><i>assessee or e-commerce operator</i><b>]</b> who—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>fails to deduct the whole or any part of the equalisation levy as required under section 166; or</td></tr><tr><td><sup></sup><b>[</b><i>(</i>aa<i>)</i></td><td></td><td><i>fails to pay the whole or any part of the equalisation levy asrequired under section 166A; or</i><b>]</b></td></tr><tr><td>(<i>b</i>)</td><td></td><td>having deducted the <sup></sup><b>[</b><i>equalisation levy referred to in sub-section (1) of section 165</i><b>]</b>, fails to pay such levy to the credit of the Central Government in accordance with the provisions of sub-section (2) of that section,</td></tr><tr><td></td><td></td><td>shall be liable to pay,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in the case referred to in clause (<i>a</i>), in addition to paying the levy in accordance with the provisions of sub-section (3) of that section, or interest, if any, in accordance with the provisions of section 170, a penalty equal to the amount of equalisation levy that he failed to <sup></sup><b>[</b><i>deduct;</i></td></tr><tr><td><i>(</i>ia<i>)</i></td><td></td><td><i>in the case referred to in clause (</i>aa<i>), in addition to the levy in accordance with the provisions of that section, or interest, if any, in accordance with the provisions of section 170, a penalty equal to the amount of equalisation levy that he failed to pay; and</i><b>]</b></td></tr><tr><td>(<i>ii</i>)</td><td></td><td>in the case referred to in clause (<i>b</i>), in addition to paying the levy in accordance with the provisions of sub-section (2) of that section and interest in accordance with the provisions of section 170, a penalty of one thousand rupees for every day during which the failure continues, so, however, that the penalty under this clause shall not exceed the amount of equalisation levy that he failed to pay.</td></tr></table></div><p>1. Substituted for \"assessee\" by the Finance Act, 2020, w.e.f. <b>1-4-2020.</b></p><p>2. Inserted by the Finance Act, 2020, w.e.f. <b>1-4-2020.</b></p><p>3. Substituted for \"equalisation levy\" by the Finance Act, 2020, w.e.f. <b>1-4-2020.</b></p><p>4. Substituted for \"deduct and\" by the Finance Act, 2020, w.e.f. <b>1-4-2020.</b></p>","words":317,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2016/section/171/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}