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of <h1>Amendment to Section 273: New Penalties for False or Missing Advance Tax Statements, Effective June 1, 1978.</h1> The amendment to Section 273 of the Income-tax Act, effective June 1, 1978, introduces a new sub-section (1) and renumbers the existing section as sub-section (2). It allows the Income-tax Officer to impose penalties on assessees who either knowingly provide false statements of advance tax payable or fail to furnish such statements without reasonable cause. The penalties range from 10% to 150% of the shortfall in tax payments. Various clauses and sub-clauses are revised to align with the new provisions, detailing the conditions under which penalties apply and the calculation of the penalty amounts.
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