(1) Subject to the exception of section 119, and unless otherwise provided in other sections of this Chapter, in the case of deduction or collection of tax ¹[under this Part], if the person from whom the tax is to be deducted or collected fails to produce evidence of filing the return, the tax deducted at source or the rate of collection shall be 50% (fifty percent) more than the applicable rate.

(2) Subject to any provision to the contrary, in the case of the deduction or collection of tax under this Part, the person from whom the tax is to be deducted or collected does not receive payment for contract price, bill, rent, fee, charge, remuneration, salary or any other sum, by whatever name it may be called, through bank transfer, the rate of tax deducted at source shall be 50% (fifty percent) higher than the applicable rate.