Penalty cap limits return-related penalties to the tax deductible or collectible amount under the amendment. Amendment adds section 206C into specified clauses of subsection (2) of section 272A so that failures concerning returns under section 206C fall within ... Summary
Penalty cap limits return-related penalties to the tax deductible or collectible amount under the amendment.
Amendment adds section 206C into specified clauses of subsection (2) of section 272A so that failures concerning returns under section 206C fall within the existing penalty framework, and inserts a proviso limiting penalties for failures related to returns under sections 206 and 206C to an amount not exceeding the tax deductible or collectible.
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