Penalty under section 271BB previously set at a proportion of the tax is now omitted from law. Penalty provision required a percentage-based penalty on the specified withheld amount; the applicable rate was 20% of such amount, and the provision has ... Summary
Penalty under section 271BB previously set at a proportion of the tax is now omitted from law.
Penalty provision required a percentage-based penalty on the specified withheld amount; the applicable rate was 20% of such amount, and the provision has been omitted with effect from the stated assessment year, thereby removing that penalty mechanism.
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