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of <h1>New Finance Act: Penalties Revised for False Tax Estimates Under Section 273, Effective April 1, 1970</h1> The Finance Act, 1969, replaces Section 273 of the Income-tax Act with a new provision effective from April 1, 1970. It addresses penalties for false estimates or failure to pay advance tax. If an Income-tax Officer finds that a taxpayer knowingly submitted a false estimate or failed to submit an estimate without reasonable cause, a penalty is imposed. This penalty ranges from a minimum of 10% to a maximum of 150% of the shortfall in tax payments, calculated based on specific criteria related to the assessed tax and notices issued under sections 210 and 215 of the Act.
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