Amendment of section 276CC.

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..... (b) in clause (ii), for the words three years , the words two years shall be substituted. - Clause 102 of the Bill seeks to amend section 276CC of the Income-tax Act relating to failure to furnish return of income. The existing provisions of the aforesaid section 276CC provide that if a person wilfully fails to furnish in due time the return of fringe benefits which he is required to f .....

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..... n so as to increase the limit of amount of tax which would have been evaded if the failure had not been discovered, from one hundred thousand rupees to twenty-five hundred thousand rupees and to reduce the maximum imprisonment from three years to two years. These amendments will take effect from 1st July, 2012. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulat .....

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