Amendment of section 271H
68. In section 271H of the Income-tax Act, in sub-section (1), in the opening portion, for the words “a person shall be liable to pay”, the words “the Assessing Officer may direct that a person shall pay by way of” shall be substituted with effect from the 1st day of October, 2014.
Notes on Clauses:
Clause 68 of the Bill seeks to amend section 271H of the Income-tax Act relating to penalty for failure to furnish statements, etc.
The existing provisions contained in sub-section (1) of section 271H provide the circumstances in which the person shall be liable to pay penalty.
It is proposed to amend sub-section (1) of section 271H so as to provide that the penalty levied under section 271H shall be levied by the Assessing Officer.
This amendment will take effect from 1st October, 2014.