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of <h1>Budget 2025-26 shifts penalty authority to Assessing Officer, proposes omitting Section 271BB, effective April 2025.</h1> The Union Budget 2025-26 proposes amendments to sections 271C, 271CA, 271D, 271DA, 271DB, and 271E of the Act, shifting the authority to impose penalties from the Joint Commissioner to the Assessing Officer, with prior approval required if penalties exceed certain limits. Additionally, a consequential amendment is proposed for section 246A(1)(n). Section 271BB, concerning penalties for failing to subscribe to eligible capital issues, is proposed for omission due to the prior removal of its parent section 88A. These changes are set to take effect on April 1, 2025.
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