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of <h1>Section 276A: Penalties for Non-Compliance with Income Tax Act, Up to Two Years Imprisonment for Violations.</h1> Section 276A, introduced by the Finance Act of 1965, amends the Income Tax Act by penalizing individuals who fail to comply with subsections (1) and (3) of section 178. Violations include not giving required notice, failing to set aside specified amounts, or improperly handling company assets. Offenders face rigorous imprisonment for up to two years, with a minimum term of six months unless the court records special reasons for a lesser sentence.
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