Penalty waiver language broadened under income-tax law to cover penalties imposed or imposable, with retrospective effect. Section 245MA of the Income-tax Act is amended in sub-section (2) to substitute the phrase "waive any penalty imposable" with "waive any penalty imposed ... Summary
Penalty waiver language broadened under income-tax law to cover penalties imposed or imposable, with retrospective effect.
Section 245MA of the Income-tax Act is amended in sub-section (2) to substitute the phrase "waive any penalty imposable" with "waive any penalty imposed or imposable". The amendment is deemed to have been substituted with effect from 1 March 2026, extending the waiver language to cover both penalties already imposed and penalties that may yet be imposed.
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