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

(2) Unless otherwise provided, in the case of deduction or collection of tax under this Part, the person from whom the tax is to be deducted or collected shall pay the contract price, bill, rent, fee, charge, remuneration, salary or any other sum by whatever name, the rate of tax deduction or collection at source shall be 50% (fifty percent) higher than the applicable rate if any amount is not received by bank transfer.