TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Finance Bill 2016 amends Income-tax Act, mandates decision on penalty immunity applications within 12 months.</h1> Clause 105 of the Finance Bill, 2016, amends section 273AA of the Income-tax Act to introduce sub-section (3A). This amendment mandates that the Principal Commissioner or Commissioner must issue an order regarding an application for immunity from penalty within twelve months from the end of the month in which the application is received. The amendment ensures that no rejection order is issued without allowing the assessee a hearing. For applications pending as of June 1, 2016, decisions must be made by May 31, 2017. The amendment takes effect on June 1, 2016.
TaxTMI 
TaxTMI 
