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of <h1>Amendment to Section 273A: Voluntary Disclosure Post-Seizure and Increased Penalty Threshold in Income-tax Act, 1961.</h1> Section 273A of the Income-tax Act, 1961, was amended effective October 1, 1984. The amendment introduced Explanation 2, allowing individuals whose assets are seized under section 132 to be deemed as having voluntarily disclosed their income if they do so within 15 days. Additionally, the amendment increased the penalty threshold from fifty thousand to one hundred thousand rupees in sub-section (2). A proviso in sub-section (4) requires Board approval for reducing, waiving, or compounding penalties exceeding one hundred thousand rupees.
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