Amendment of section 271A.
99. In section 271A of the Income-tax Act, after the words “Without prejudice to the provisions of”, the words, figures and letter “section 270A or” shall be inserted with effect from the 1st day of April, 2017.
Notes on Clauses:
Clause 99 of the Bill seeks to amend section 271A of the Incometax Act relating to failure to keep, maintain or retain books of account, documents, etc.
The aforesaid section provides for penalty in case of failure to keep and maintain any such books of account and other documents as required under section 44AA or the rules made thereunder, or to retain books of account or documents for the period specified.
It is proposed to amend the said section so as to provide that section 271A shall be applicable without prejudice to the provisions of section 270A.
The proposed amendment is consequential to the insertion of a new section 270A in the Income-tax Act which provides for levy of penalty for under-reporting and misreporting of income.
This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years.
