(1) Any person shall be punished with rigorous imprisonment for a term which may extend to 1 (one) year, or with fine, or with both, if he, without reasonable cause,
(a) fails to levy or collect and pay the tax required under the provisions of Part 7;
(b) fails to collect and pay tax as required under sub-section (3) of section 221.
(2) If the amount of tax deducted, collected or paid does not exceed taka 25 (twenty-five) thousand, the provisions of sub-section (1) shall not apply.
(3) Where a person voluntarily deducts tax under sub-section (1) before being identified by the Income-tax authority, no case shall be instituted against such person for failure to deduct, collect or pay tax within the prescribed time
(4) The fine mentioned in sub-section (1) shall be calculated at such a rate which shall not be less than taka 100 (one hundred) not more than taka 500 (five hundred) for each day during the continuous failure.
