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of <h1>Finance Bill 2020 Amends Section 274 of Income-tax Act to Enhance Penalty Efficiency and Transparency</h1> Clause 100 of the Finance Bill, 2020, amends section 274 of the Income-tax Act by adding sub-sections (2A), (2B), and (2C). These provisions enable the Central Government to establish a scheme for imposing penalties under Chapter XXI, aiming to enhance efficiency, transparency, and accountability. The scheme seeks to minimize direct interaction between the Assessing Officer and the assessee, optimize resource use, and implement a dynamic jurisdiction for penalty imposition. Notifications related to the scheme must be presented to Parliament, and any jurisdictional changes must be specified before March 31, 2022. The amendment is effective from April 1, 2020.
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