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of <h1>Amendment to Section 271 of Income-tax Act Introduces Formula for Calculating Penalties on Concealed Income</h1> Clause 68 of the Finance Bill, 2015 amends section 271 of the Income-tax Act, effective April 1, 2016, regarding penalties for concealing income or furnishing inaccurate particulars. The amendment introduces a formula to determine the tax sought to be evaded: (A - B) + (C - D), where A and B relate to general provisions, and C and D pertain to sections 115JB or 115JC. The amendment clarifies the calculation when concealed income affects declared losses or when certain provisions do not apply. It also addresses cases involving advance tax and other pre-paid taxes before notice issuance under section 148.
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