Penalty increase raises prescribed fines for specified tax defaults, enhancing monetary sanctions under income tax law for noncompliance. Amendment increases prescribed penalties under section 271FA of the Income-tax Act by substituting the lower and higher specified monetary amounts, raising the statutory monetary sanctions applicable to the defaults covered by that provision.
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Penalty increase raises prescribed fines for specified tax defaults, enhancing monetary sanctions under income tax law for noncompliance.
Amendment increases prescribed penalties under section 271FA of the Income-tax Act by substituting the lower and higher specified monetary amounts, raising the statutory monetary sanctions applicable to the defaults covered by that provision.
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