Amendment of section 271F.
85. In section 271F of the Income-tax Act, the following proviso shall be inserted with effect from the 1st day of April, 2018, namely:-
“Provided that nothing contained in this section shall apply to and in relation to the return of income required to be furnished for any assessment year commencing on or after the 1st day of April, 2018.”.
Notes on Clauses:
Clause 85 of the Bill seeks to amend section 271F of the Income-tax Act relating to penalty for failure to furnish return of income.
The said section provides for penalty for failure to furnish return of income.
It is proposed to provide that the provisions of the said section shall not apply in respect of assessment year 2018- 2019 and subsequent years.
This amendment will take effect from 1st April, 2018 and will, accordingly apply in relation to assessment year 2018- 2019 and subsequent years.
