Amendment of section 140A

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....In section 140A of the Income-tax Act,- (i) for sub-section (1), the following sub-section shall be substituted, namely: - "(1) Where any tax is payable on the basis of any return re....

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.... "(3) If any assessee fails to pay the tax or any part thereof in accordance with the provisions of sub-section (1), the Income-tax Officer may direct that a sum equal to two per cent, of such tax o....