Penal amendment under the Income-tax Act reduces imprisonment and fine exposure for the specified offence, retrospectively from 1 March 2026. Section 280 of the Income-tax Act is amended to reduce the penal consequence for the specified offence. The earlier punishment of imprisonment up to six months together with liability to fine is substituted with simple imprisonment up to one month, or fine, or both. The substituted punishment is deemed to have been in force with effect from 1 March 2026, giving the amendment retrospective operation from that date.