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of <h1>Section 271BB of Income Tax Act on penalties for unsubscribed capital issues repealed from April 1, 2025</h1> Section 271BB of the Income Tax Act, 1961, which imposed a penalty for failure to subscribe to eligible capital issues within six months, has been omitted effective April 1, 2025. Previously, the provision authorized the Joint Commissioner to levy a penalty equal to 20% of the unsubscribed amount under schemes referenced in section 88A. The section was originally introduced by the Finance Act, 1990, and underwent amendments before its eventual repeal.
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