52. Amendment of section 276CC.
In section 276CC of the Income-tax Act, in the proviso, in clause (ii), in sub-clause (b), for the words “tax payable by him”, the words “tax payable by such person, not being a company,” shall be substituted.
Notes on Clauses:
Clause 52 of the Bill seeks to amend section 276CC of the Income-tax Act relating to failure to furnish returns of income.
Sub-clause (b) of clause (ii) of the proviso to the said section provides that a person shall not be proceeded against under the said section for any assessment year commencing on or after the 1st day of April, 1975, if the tax payable by him on the total income determined on regular assessment as reduced by the advance tax, if any, paid and any tax deducted at source, does not exceed three thousand rupees.
It is proposed to amend the provisions of the said sub-clause (b) so as to provide that the conditions specified therein shall not be applicable in respect of a company.
This amendment will take effect from 1st April, 2018.
