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of <h1>Amendment to Section 270A: New Penalties for Under-Reported Income on First Returns Filed Under Section 148</h1> Clause 61 of the Finance (No. 2) Bill, 2019 amends section 270A of the Income-tax Act concerning penalties for under-reporting and misreporting income. The amendment changes the language to include cases where a return is furnished for the first time under section 148, effective from April 1, 2017. It affects sub-sections (2) and (3), specifying conditions and methods for determining under-reported income. Additionally, it amends sub-section (10) to calculate tax on under-reported income when the return is first furnished under section 148. These changes apply from the assessment year 2017-2018 onwards.
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