Penalty waiver language broadened under income-tax law to cover penalties imposed or imposable, with retrospective effect. Section 245MA of the Income-tax Act is amended in sub-section (2) to substitute the phrase 'waive any penalty imposable' with 'waive any penalty imposed or imposable'. The amendment is deemed to have been substituted with effect from 1 March 2026, extending the waiver language to cover both penalties already imposed and penalties that may yet be imposed.