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of <h1>Finance Bill 2024: Expanding Reasonable Cause Defenses in Income-Tax Act's Section 273B with New Amendments</h1> Clause 82 of the Finance (No. 2) Bill, 2024, proposes amendments to section 273B of the Income-tax Act, which pertains to penalties not being imposed in certain cases. The amendments include the insertion of references to sections 271FAA and 271GC. From October 1, 2024, section 271FAA will be included, allowing for non-imposition of penalties if reasonable cause is proven for failures under this section. Similarly, from April 1, 2025, section 271GC will be referenced, providing the same relief for failures under this section. These changes aim to expand the scope of reasonable cause defenses against penalties.
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