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of <h1>Finance Bill 2017 amends Section 271F, exempts penalties for late income tax returns from April 1, 2018.</h1> Clause 85 of the Finance Bill, 2017, amends section 271F of the Income-tax Act, which imposes penalties for failing to furnish a return of income. The amendment introduces a proviso stating that the penalty provisions will not apply to returns required for assessment years starting on or after April 1, 2018. This change takes effect from April 1, 2018, and applies to the assessment year 2018-2019 and subsequent years.
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