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of <h1>Income Tax Bill 2025 Clause 440 offers immunity from penalties and prosecution for compliant taxpayers</h1> The Income Tax Bill 2025's Clause 440 introduces an immunity mechanism allowing assessees to avoid penalties and prosecution by meeting specific conditions. An assessee can apply to the Assessing Officer within one month of receiving an assessment order if they have paid all tax and interest due and filed no appeal. The Assessing Officer must grant immunity after the appeal period expires, except in cases involving serious infractions under section 439(11). The application must be disposed of within three months with opportunity for hearing. If immunity is granted, no further appeal or revision against the assessment order is permitted. This clause largely mirrors Section 270AA of the current Income-tax Act 1961, with updated cross-references to new provisions, maintaining the policy of incentivizing voluntary compliance while preserving deterrent effects for egregious cases.
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