Amendment to income tax penalty thresholds increases the monetary ceiling and shortens the applicable time period. Amendment revises section 278 of the Income-tax Act effective 1 July 2012 by substituting a higher monetary threshold in clause (i) and shortening the ... Summary
Amendment to income tax penalty thresholds increases the monetary ceiling and shortens the applicable time period.
Amendment revises section 278 of the Income-tax Act effective 1 July 2012 by substituting a higher monetary threshold in clause (i) and shortening the statutory time period in clause (ii), with no other alterations to section 278.
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