Amendment of section 476.
111. In section 476 of the Income-tax Act, for sub-section (1), the following sub-section shall be substituted, namely:—
| "(1) | | If a person fails to— |
| (a) | | pay the tax deducted at source by him to the credit of the Central Government, as required by or under the provisions of Chapter XIX-B; or |
| (b) | | pay tax or ensure payment of tax to the credit of the Central Government in respect of— |
| (A) | | any income by way of winnings from online games as referred in section 393(3) [Table: Sl. No. 2], excluding such winnings which are wholly in kind, as referred to in Note 2 to the said Table; or |
| (B) | | any sum by way of consideration for transfer of a virtual digital asset as referred in section 393(1) [Table: Sl. No. 8(vi)], excluding such consideration which is wholly in kind, as referred to in Note 6 to the said Table, |
| (i) | | with simple imprisonment for a term up to two years, or with fine, or with both, where the amount of such tax exceeds fifty lakh rupees; or |
| (ii) | | with simple imprisonment for a term up to six months, or with fine, or with both, where the amount of such tax exceeds ten lakh rupees but does not exceed fifty lakh rupees; or |
| (iii) | | with fine, in any other case.". |
