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of <h1>Gift-tax Act Amendment: Section 18B Imposes 20% Additional Tax on Difference Between Assessed and Returned Taxable Gifts</h1> The amendment inserts Chapter IVA into the Gift-tax Act, introducing Section 18B which imposes additional gift-tax at 20% on the difference between assessed taxable gifts and returned taxable gifts. Where multiple returns are filed, the last return before notice under section 15(2) is considered. If no return is filed, returned taxable gifts are deemed nil. The provision allows for adjustment of additional tax following subsequent orders. The Chief Commissioner or Commissioner has discretion to waive or reduce additional tax if the discrepancy resulted from bona fide explanations with full disclosure of facts. Petitions for waiver require a fee of one hundred rupees and can only be filed after appeal decisions.
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