Amendment of section 276A.
118. In section 276A of the Income-tax Act, after the proviso, the following proviso shall be inserted, namely:––
“Provided further that no proceeding shall be initiated under this section on or after the 1st day of April, 2023.”.
Notes on Clauses:
Clause 118 of the Bill seeks to amend section 276A of the Income-tax Act relating to failure to comply with the provisions of sub-sections (1) and (3) of section 178.
The said section provides for punishment for non-compliance of the provisions of subsections (1) and (3) of section 178.
It is proposed to insert a second proviso to the said section so as to provide that no proceeding shall be initiated under this section on or after 1st April, 2023.
This amendment will take effect from 1st April, 2023.
