Income tax amendment removes a cross reference to section 447 from the penalty exclusion, effective 1 April 2026. The amendment omits the reference to section 447 from section 470 of the Income tax Act, 2025, changing the scope of the penalty nonimposition provision; ... Summary
Income tax amendment removes a cross reference to section 447 from the penalty exclusion, effective 1 April 2026.
The amendment omits the reference to section 447 from section 470 of the Income tax Act, 2025, changing the scope of the penalty nonimposition provision; the change takes effect from 1 April 2026 and applies to the tax year 2026-2027 and subsequent years.
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