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of <h1>Section 188 loan repayment violations face penalties equal to amount repaid under new Clause 453</h1> The Income Tax Bill 2025's Clause 453 introduces penalties for non-compliance with loan repayment provisions under section 188, mirroring section 271E of the Income-tax Act 1961. The penalty equals the amount repaid in violation of prescribed modes, targeting cash transactions above specified thresholds to prevent tax evasion and ensure transparency. Key changes include transferring penalty-imposing authority from Joint Commissioner to Assessing Officer and potential removal of explicit 'reasonable cause' defense. The provision maintains broad coverage of loans, deposits, and specified advances, continuing the legislative framework designed to regulate high-value financial transactions and combat unaccounted income circulation.
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