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of <h1>Amendment to Income Tax Act: New Sub-sections 271(4A) and (4B) Introduce Penalty Waivers for Voluntary Disclosure.</h1> Section 271 of the Income Tax Act has been amended to introduce sub-sections (4A) and (4B). Sub-section (4A) grants the Commissioner the discretion to reduce or waive the minimum penalty for failing to furnish a return or for inaccuracies in income particulars, provided the individual voluntarily discloses their income and cooperates with the inquiry. The individual must also have paid or arranged to pay any due taxes or interest. If the penalty exceeds fifty thousand rupees, the Board's prior approval is required. Sub-section (4B) states that such orders are final and not subject to legal challenge.
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