Income-tax Act amendment removes penalty for failure to furnish report under section 172, effective from April 2026. The Finance Bill, 2026 proposes omission of section 447 of the Income-tax Act, thereby removing the statutory penalty for failure to furnish the report ... Summary
Income-tax Act amendment removes penalty for failure to furnish report under section 172, effective from April 2026.
The Finance Bill, 2026 proposes omission of section 447 of the Income-tax Act, thereby removing the statutory penalty for failure to furnish the report required under section 172; the change takes effect from 1 April 2026 and applies to the tax year 2026-2027 and subsequent years.
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