Finance Act, 1963
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Increased penalties in the case of body of persons. |
76.—(1) Where the person mentioned in section 73 of this Act is a body of persons as defined by section 237 of the Income Tax Act, 1918— | |
(a) the body of persons shall be liable to— | ||
(i) in case the notice was given under or for the purposes of any of the provisions specified in the first column of the Third Schedule to this Act and the failure continues after the end of the year of assessment following that during which the notice was given—a penalty of one thousand pounds, and | ||
(ii) in any other case—a penalty of five hundred pounds, | ||
and, if the failure continues after judgment has been given by the court before which proceedings for the penalty have been commenced, a further penalty of fifty pounds for each day on which the failure so continues, and | ||
(b) the secretary shall be liable to— | ||
(i) in case the notice was given under or for the purposes of any of the provisions specified in the first column of the Third Schedule to this Act and the failure continues after the end of the year of assessment following that during which the notice was given—a separate penalty of two hundred pounds, and | ||
(ii) in any other case—a separate penalty of one hundred pounds. | ||
(2) Where the person mentioned in section 74 of this Act is a body of persons as defined by section 237 of the Income Tax Act, 1918— | ||
(a) in the case of such fraud or negligence as is mentioned in subsection (1) of that section— | ||
(i) the body of persons shall be liable to a penalty of— | ||
(I) five hundred pounds, and | ||
(II) the amount, or, in the case of fraud, twice the amount, of the difference specified in subsection (1) of section 75 of this Act, and | ||
(ii) the secretary shall be liable to a separate penalty of one hundred pounds, or, in the case of fraud, two hundred pounds, | ||
(b) in the case of any such fraud or negligence as is mentioned in subsection (2) of that section— | ||
(i) the body of persons shall be liable to a penalty of five hundred pounds, or, in the case of fraud, one thousand pounds, and | ||
(ii) the secretary shall be liable to a separate penalty of one hundred pounds, or, in the case of fraud, two hundred pounds. | ||
(3) The preceding provisions of this section shall have effect subject to the proviso to subsection (4) of section 100 and the proviso to subsection (1) of section 105 of the Income Tax Act, 1918, but otherwise shall have effect notwithstanding anything contained in that Act. |