TaxTMI 
TaxTMI 
Question - What are the amendments proposed in section 271 in Finance Bill 2015 ?
Amount of tax sought to be evaded for the purposes of penalty for concealment of income under clause (iii) of sub-section (1) of section 271
28 Feb 2015 
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Penalty for concealment: redefine tax sought to be evaded as combined general-tax and alternate minimum tax amounts, avoiding double counting.
The amendment redefines the amount of tax sought to be evaded as the sum of tax sought to be evaded under the general provisions and the Alternate Minimum Tax regime. If the same concealment item is considered under both regimes, it will be excluded from the Alternate Minimum Tax component to avoid double counting; if Alternate Minimum Tax provisions do not apply, that component is ignored. The amendment applies from 1st April, 2016 for subsequent assessment years. (AI Summary)
The amendment redefines the amount of tax sought to be evaded as the sum of tax sought to be evaded under the general provisions and the Alternate Minimum Tax regime. If the same concealment item is considered under both regimes, it will be excluded from the Alternate Minimum Tax component to avoid double counting; if Alternate Minimum Tax provisions do not apply, that component is ignored. The amendment applies from 1st April, 2016 for subsequent assessment years. (AI Summary)