Amendment of section 272A.
99. In section 272A of the Income-tax Act, in sub-section (2), after the proviso, the following proviso shall be inserted with effect from the 1st day of July, 2012, namely:––
“Provided further that no penalty shall be levied under this section for the failure referred to in clause (k), if such failure relates to a statement referred to in sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C which is to be delivered or caused to be delivered for tax deducted at source or tax collected at source, as the case may be, on or after the 1st day of July, 2012.”.
Notes on Clauses:
Clause 99 of the Bill seeks to amend section 272A of the Income-tax Act relating to penalty for failure to answer questions, sign statments, furnish information, return or statement, allow inspections, etc.
The existing provisions of sub-section (2) of the aforesaid section provide for levy of penalty if any person fails to comply with the requirements referred to in clauses (a) to (l) of the said sub-section.
It is proposed to insert a new proviso to sub-section (2) of the aforesaid sub-section so as to provide that no penalty shall be levied under this section for the failure referred to in clause (k) if such failure relates to a statement referred to in sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C which is to be delivered or caused to be delivered for tax deducted at source or tax collected at source, as the case may be, on or after the 1st day of July, 2012.
This amendment will take effect from 1st July, 2012.
