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of <h1>Amendment to Section 275 of Income-tax Act aims to simplify penalty limitation timelines, effective October 1, 2024.</h1> The Union Budget 2024-25 proposes an amendment to Section 275 of the Income-tax Act, which addresses the period of limitation for imposing penalties. Currently, the limitation period is determined based on when the Principal Chief Commissioner or equivalent receives the appellate order. However, this has caused ambiguity in calculating penalty imposition timelines. The amendment seeks to eliminate this reference to simplify and clarify the process. The change is set to take effect from October 1, 2024, to ensure a more straightforward calculation of the limitation period for penalty imposition.
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