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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income Tax Act Update: 20% Additional Tax on Income Increase or Loss Reduction Per Section 143 Amendment</h1> Section 143 of the Income-tax Act has been amended by the Finance Act, 1993, effective from April 1, 1989. The amendment replaces clause (a) in sub-section (1A) to address adjustments made under the first proviso. If the declared income increases or a declared loss is reduced or converted into income, the Assessing Officer must impose an additional income-tax of 20% on the difference. This additional tax is specified in the intimation sent to the taxpayer. Additionally, any due refund will be reduced by the amount of the additional income-tax. The explanation in this section is omitted.
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