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of <h1>Income Tax Act Section 272BB: Penalty for Non-Compliance with Section 203A, Up to Rs. 5,000, After a Fair Hearing.</h1> Section 272BB is introduced in the Income-tax Act, effective from June 1, 1987, through the Finance Act of 1987. This section imposes a penalty for non-compliance with section 203A. If an individual fails to adhere to section 203A, the Income-tax Officer may impose a penalty up to five thousand rupees. However, before any penalty is imposed, the individual must be given an opportunity to present their case.
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