Amendment of section 272A.
78. In section 272A of the Income-tax Act, in sub-section (2), in the long line, for the words “one hundred rupees”, the words “five hundred rupees” shall be substituted.
Notes on Clauses:
Clause 78 seeks to amend section 272A of the Income-tax Act relating to penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc.
It is proposed to increase the existing penalty under sub-section (2) from one hundred rupees to five hundred rupees.
This amendment will take effect from 1st April, 2022.
