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of <h1>Finance Act 2019 amends Section 270A, impacting penalties for first-time returns under Section 148 from April 2017.</h1> Section 270A of the Income-tax Act has been amended by the Finance (No. 2) Act, 2019. The amendments replace the phrase 'no return of income has been furnished' with 'no return of income has been furnished or where return has been furnished for the first time under section 148' in multiple instances throughout the section. These changes apply to sub-sections (2) and (3) and are retroactively effective from April 1, 2017. This adjustment addresses situations where a return is submitted for the first time under section 148, impacting the assessment of penalties for under-reporting or misreporting of income.
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