Penalty revision strengthens sanctions for failure to file returns and tightens the deeming rule for concealment. Amendment to section 271 revises penalty provisions by replacing certain clauses, prescribing a minimum and maximum monetary penalty for specified ... Summary
Penalty revision strengthens sanctions for failure to file returns and tightens the deeming rule for concealment.
Amendment to section 271 revises penalty provisions by replacing certain clauses, prescribing a minimum and maximum monetary penalty for specified failures, increasing a multiplicative penalty factor, omitting an existing proviso, substituting an Explanation that deems failure to furnish a return by a person not previously assessed to be concealment where taxable income is found, narrowing another explanatory reference, adding an exclusion for specified adjustments and additional tax, omitting a prior sub-section, and providing transitional application to earlier assessment years.
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