https://www.taxtmi.com/news?id=19561 Section 276CC penalises willful failure to furnish income-tax returns. A proviso exempts persons from prosecution where tax payable after credits does not exceed a small threshold. To prevent abuse by shell companies and entities holding benami property, the proviso is proposed to be amended so that it will not apply to a company, removing the de minimis exemption for companies, with the amendment taking effect from 1 April 2018. en-us Mon, 05 Feb 2018 11:11:53 +0530 Mon, 05 Feb 2018 12:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=19561 Section 276CC penalises willful failure to furnish income-tax returns. A proviso exempts persons from prosecution where tax payable after credits does not exceed a small threshold. To prevent abuse by shell companies and entities holding benami property, the proviso is proposed to be amended so that it will not apply to a company, removing the de minimis exemption for companies, with the amendment taking effect from 1 April 2018. News - Mon, 05 Feb 2018 11:11:53 +0530 https://www.taxtmi.com/news?id=19561