Section 449 of Income Tax Act, 2025 : Penalty for failure to collect tax at source HomeIncome Tax Act, 2025Section 449 of Income Tax Act, 2025 : Penalty for failure to collect tax at source published by Advocate Shruti Goyal | February 20, 2025 (1) If any person fails to collect the whole or in part, the tax as required under Chapter XIX-B, the Assessing Officer may impose on him, a penalty equal to the tax which such person failed to collect. Related Resources New Income Tax Act, 2025 vs Old Income Tax Act, 1961