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of <h1>Finance Act 2016 amends Section 271AAB: Sets 60% penalty rate, expands non-penalty scope with Section 270A reference.</h1> Section 271AAB of the Income-tax Act was amended by the Finance Act, 2016, effective April 1, 2017. In sub-section (1), clause (c), the penalty rate was changed from a range of 'not less than thirty per cent. but not exceeding ninety per cent.' to a fixed rate of sixty per cent. In sub-section (2), the amendment added a reference to 'section 270A' after the existing text, expanding the scope of provisions under which no penalty is applicable.
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