Clause 80 - Amendment of section 276B. - FINANCE BILL, 2022

Amendment of section 276B.

80. In section 276B of the Income-tax Act, in clause (b), in sub-clause (ii), the word “second” shall be omitted.

 

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Notes on Clauses:

Clause 80 seeks to amend section 276B of the Income-tax Act relating to failure to pay tax to the credit of Central Government under Chapter XII-D or XVII-B.

The first proviso to Section 194B was omitted vide the Finance Act, 1999 with effect from the 1st April, 2000 and the section currently has only one proviso.

It is proposed to omit the word “second” in the said section 276B.

This amendment will take effect from 1st April, 2022.