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India Budget Series

AMENDMENT OF SECTION 272A

It is proposed to amend Section 272A(1) to further levy penalty of Rs. 10,000 for each default or failure to comply with a notice issued under sub-section (1) of Section 142 or sub-section (2) of Section 143 or failure to comply with a direction issued under sub-section (2A) of Section 142, wherein the authority to levy the penalty shall vest with income tax authority issuing such notice or direction.

Consequential amendment shall be made to Section 288 to include the above mentioned amendment.

These amendments will take effect from the 1st day of April, 2017 and will, accordingly, apply in relation to the assessment year 2017 -2018 and subsequent years.

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