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of <h1>Finance Bill 2016 amends Income-tax Act: New conditions for penalty waivers under section 273A, effective April 1, 2017.</h1> Clause 104 of the Finance Bill, 2016 amends section 273A of the Income-tax Act, effective from April 1, 2017. It includes references to section 270A, which addresses penalties for under-reporting or misreporting income, replacing section 271. The amendment specifies conditions for penalty reduction or waiver and introduces sub-section (4A), effective June 1, 2016, mandating that the Principal Commissioner or Commissioner must decide on applications within twelve months, ensuring the assessee is heard before rejection. Applications pending as of June 1, 2016, must be resolved by May 31, 2017.
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