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of <h1>Gift-Tax Act Amendment Revamps Section 17 Penalties, Introduces Nuanced Framework for Tax Compliance and Penalty Assessment</h1> The amendment modifies section 17 of the Gift-tax Act, addressing penalty provisions for tax-related failures. Key changes include adjusting penalty amounts, introducing conditions for penalty imposition, and establishing time limitations for penalty orders. The amendment specifies penalty thresholds for different tax authorities, provides exceptions for reasonable cause, and outlines procedural constraints for imposing penalties in various assessment scenarios.
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