Penalty for failure to deduct or pay equalisation levy.
171. Any 1[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
2[(aa) fails to pay the whole or any part of the equalisation levy as required under section 166A; or]
(b) having deducted the 3[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 4[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.
Note:
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.