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of <h1>Finance Bill 2022 amends Income-tax Act's Section 278AA, adding Section 276BB to address prosecution for uncredited tax collections.</h1> Clause 83 of the Finance Bill, 2022, proposes an amendment to section 278AA of the Income-tax Act. The amendment involves adding section 276BB to the existing text, which already includes section 276B. Section 276B addresses prosecution for failing to credit tax deducted at source to the Central Government, while section 276BB pertains to prosecution for failing to credit tax collected at source. This change ensures that both sections are covered under section 278AA, which relates to cases where punishment is not imposed. The amendment is set to take effect from April 1, 2022.
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