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of <h1>Tax Penalty Overhaul: Section 271 Revamp Tightens Rules on Income Reporting and Non-Compliance Consequences</h1> The amendment modifies section 271 of the Income-tax Act, introducing changes to penalty provisions. Key modifications include adjusting penalty amounts for tax-related failures, expanding conditions for concealing income, and clarifying applicability for assessment years. The amendment increases potential penalties, introduces new explanatory clauses, and provides specific guidelines for assessing tax non-compliance and income reporting requirements.
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