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of <h1>Income Tax Bill 2025 Clause 469 replaces Section 273A streamlining penalty reduction powers for voluntary disclosure cases</h1> The Income Tax Bill 2025's Clause 469 replaces Section 273A of the Income-tax Act 1961, governing penalty reduction or waiver powers. Both provisions allow tax authorities to reduce penalties for voluntary disclosure cases, requiring pre-detection disclosure, taxpayer cooperation, and tax payment arrangements. Key features include prior approval requirements for cases exceeding five lakh rupees, bars on multiple reliefs, genuine hardship provisions, twelve-month disposal timelines, and final non-appealable orders. Clause 469 streamlines the framework by removing obsolete transitional provisions while maintaining core eligibility criteria, procedural safeguards, and oversight mechanisms to balance voluntary compliance incentives with administrative accountability.
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