Failure-to-file penalty threshold amendment removes the small-tax exemption for companies, effective from the new fiscal year. Amendment narrows the proviso to section 276CC by substituting 'tax payable by him' with 'tax payable by such person, not being a company,' so that the small-tax exception in proviso clause (ii)(b) no longer applies to companies while preserving the method of calculating tax (total income on regular assessment reduced by advance tax and tax deducted at source).
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Provisions expressly mentioned in the judgment/order text.
Failure-to-file penalty threshold amendment removes the small-tax exemption for companies, effective from the new fiscal year.
Amendment narrows the proviso to section 276CC by substituting "tax payable by him" with "tax payable by such person, not being a company," so that the small-tax exception in proviso clause (ii)(b) no longer applies to companies while preserving the method of calculating tax (total income on regular assessment reduced by advance tax and tax deducted at source).
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