https://www.taxtmi.com/acts?id=48497 Clause 76 proposes omission of section 271BB of the Income tax Act, which authorised a penalty equal to twenty percent of any unsubscribed amount for failure to subscribe to units issued under schemes referenced in section 88A. The omission is justified by the prior repeal of section 88A, rendering the penalty provision functionally redundant; the amendment takes effect from 1 April 2025. en-us Sat, 01 Feb 2025 14:47:41 +0530 Sat, 01 Feb 2025 14:47:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=48497 Clause 76 proposes omission of section 271BB of the Income tax Act, which authorised a penalty equal to twenty percent of any unsubscribed amount for failure to subscribe to units issued under schemes referenced in section 88A. The omission is justified by the prior repeal of section 88A, rendering the penalty provision functionally redundant; the amendment takes effect from 1 April 2025. Act-Rules Bills Sat, 01 Feb 2025 14:47:41 +0530 https://www.taxtmi.com/acts?id=48497