{"act":{"id":"finance-act-2019-no-1","short_title":"The Finance Act, 2019 (No. 1)","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2019-2020.","act_number":null,"act_year":2019,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":22,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2019-no-1/"},"unit":"section","section":{"number":"18","heading":"Insertion of New section 62A","text":"Insertion of New section 62A 18. After section 62 of the principal Act, the following section shall be inserted, namely:— \"62A. Penalty for failure to comply with provisions of section 9A.— (1) Any person who,— (a) | being required under sub-section (1) of section 9A to collect duty, fails to collect the same; or (b) | being required under sub-section (4) of section 9A to transfer the duty to the State Government within fifteen days of the expiry of the time specified therein, fails to transfer within such time, shall be punishable with fine which shall not be less than one lakh rupees, but which may extend upto one per cent of the collection or transfer so defaulted. (2) Any person who,— (a) | being required under sub-section (5) of section 9A to submit details of transactions to the Government, fails to submit the same; or (b) | submits a document or makes a declaration which is false or which such person knows or believes to be false, shall be punishable with fine of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less.\".","html":"<p><b>Insertion of New section 62A</b></p><p><b>18. </b>After section 62 of the principal Act, the following section shall be inserted, namely:—</p><p>\"62A. <i>Penalty for failure to comply with provisions of section 9A</i>.—</p><p><span class=\"num\">(1)</span> Any person who,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>being required under sub-section (1) of section 9A to collect duty, fails to collect the same; or</td></tr><tr><td>(<i>b</i>)</td><td></td><td>being required under sub-section (4) of section 9A to transfer the duty to the State Government within fifteen days of the expiry of the time specified therein, fails to transfer within such time,</td></tr></table></div><p>shall be punishable with fine which shall not be less than one lakh rupees, but which may extend upto one per cent of the collection or transfer so defaulted.</p><p><span class=\"num\">(2)</span> Any person who,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>being required under sub-section (5) of section 9A to submit details of transactions to the Government, fails to submit the same; or</td></tr><tr><td>(<i>b</i>)</td><td></td><td>submits a document or makes a declaration which is false or which such person knows or believes to be false,</td></tr></table></div><p>shall be punishable with fine of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less.\".</p>","words":192,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2019-no-1/section/18/","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."}