Amendment of section 273B
75. In section 273B of the Income-tax Act,-
(I) for the words, figures and letters “section 271FB, section 271G”, the words, figures and letters “section 271FAB, section 271FB, section 271G, section 271GA” shall be substituted with effect from the 1st day of April, 2016;
(II) after the word, figures and letter “section 271H”, the word, figures and letter “section 271-I,” shall be inserted with effect from the 1st day of June, 2015.
Notes on Clauses:
Clause 75 of the Bill seeks to amend section 273B of the Income-tax Act relating to penalty not to be imposed in certain cases.
The section provides for non-levy of penalty under various sections of the Income-tax Act enumerated in the said section, if the assessee is able to show existence of reasonable cause for the failure for which penalty is leviable.
It is proposed to amend the aforesaid section so as to include the proposed new section 271FAB relating to penalty for failure to furnish statement or information or document by an eligible investment fund.
It is further proposed to amend the said section to include the reference of the proposed new section 271 GA relating to penalty for failure to furnish information or document under section 285A. These amendments will take effect from 1st April, 2016 and will, accordingly, apply in relation to the assessment year 2016- 17 and subsequent years.
It is also proposed to amend the aforesaid section so as to include the reference of new section 271-I.
This amendment will take effect from 1st June, 2015.
