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of <h1>Section 278B Amended: Companies and Officers Liable for Offenses with Fines and Imprisonment Under Income-tax Act.</h1> Section 278B of the Income-tax Act was amended by the Finance (No. 2) Act, 2004, effective October 1, 2004. A new sub-section (3) was inserted, stipulating that if a company commits an offense under this Act warranting imprisonment and a fine, the company will be fined. Additionally, individuals such as directors, managers, secretaries, or other officers associated with the company, as specified in the earlier sub-sections, will also be liable and subject to punishment according to the Act's provisions.
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