Amendment of section 276CC.
81. In section 276CC of the Income-tax Act, in the proviso, in clause (ii), in sub-clause (a), after the words “expiry of the assessment year”, the words, brackets, figures and letter “or a return is furnished by him under sub-section (8A) of section 139 within the time provided in that sub-section” shall be inserted.
Notes on Clauses:
Clause 81 seeks to amend the section 276CC of the Income-tax Act relating to failure to furnish returns of income.
The proviso to the said section, inter alia, provides that a person shall not be proceeded against under the said section, for failure to furnish the return of income in due time, if a return is furnished by such person before the expiry of the assessment year or the tax payable by such person, not being a company, on the total income determined on regular assessment does not exceed rupees ten thousand.
It is proposed to amend sub-clause (a) of clause (ii) of the said proviso to provide that a person shall not be proceeded against under the said section for failure to furnish in due time the return of income under sub-section (1) of section 139, if such a person has furnished return under sub-section (8A) of section 139 for the relevant assessment year.
This amendment will take effect from 1st April, 2022.
