Amendment of section 477
Amendment of section 477.
112. In section 477 of the Income-tax Act, for sub-section (1), the following sub-section shall be substituted, namely:—
| "(1) | If a person fails to pay the tax collected by him to the credit of the Central Government, as required under section 397(3)(a), he shall be punishable— |
| (a) | 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 | |
| (b) | 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 | |
| (c) | with fine, in any other case.". |