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of <h1>Amendment to Income-tax Act: Section 281B now includes penalties over two crore rupees under section 271AAD.</h1> Section 281B of the Income-tax Act has been amended by the Finance Act, 2021. The amendment involves sub-section (1), where the phrase 'or for imposition of penalty under section 271AAD where the amount or aggregate of amounts of penalty likely to be imposed under the said section exceeds two crore rupees' is added after 'escaped assessment.' This change addresses circumstances involving significant penalties, specifically those exceeding two crore rupees, under section 271AAD.
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