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of <h1>Finance Bill 2016 amends Income-tax Act Section 119, enabling Board directions on penalties for income misreporting under 270A.</h1> Clause 62 of the Finance Bill, 2016 amends section 119 of the Income-tax Act by inserting '270A' into clause (a) of sub-section (2). This change allows the Board to issue directions or instructions regarding section 270A, which addresses penalties for under-reporting and misreporting income. The amendment aims to enhance the management of assessment and revenue collection without being prejudicial to taxpayers. It takes effect from April 1, 2017, applying to the assessment year 2017-2018 and subsequent years.
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