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of <h1>Finance Bill 2016: Clause 106 amends IT Act section 273B to include penalty waiver for section 271GB with reasonable cause.</h1> Clause 106 of the Finance Bill, 2016 amends section 273B of the Income-tax Act, which pertains to penalties not being imposed under certain conditions. The amendment adds section 271GB to the list of sections under which penalties can be waived if the assessee demonstrates a reasonable cause for non-compliance. This change is effective from April 1, 2017, and applies to the assessment year 2017-2018 and subsequent years.
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