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Punjab Sales Tax on Services Act, 2012 QUESTION #2579
Question 1
According to Entry No. 19 of the Offences and Penalties Schedule, where a person fails to declare or conceals any business bank account, or fails to intimate any change in business bank account within fourteen days, the range of penalty is:
  • Twenty-five thousand to fifty thousand rupees
  • Fifty thousand to two hundred thousand rupees
  • One hundred thousand to five hundred thousand rupees✔️
  • Five hundred thousand to one million rupees
Correct Answer Explanation
Entry No. 19 provides that where any person fails to declare, conceals any business bank account or gives misleading declaration or fails to intimate any change within fourteen days, such person shall be liable to a penalty ranging from ONE HUNDRED THOUSAND TO FIVE HUNDRED THOUSAND RUPEES.