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of <h1>Income Tax Bill 2025 Clause 472 sets six-month penalty limitation periods from quarter-end replacing current monthly computation</h1> The Income Tax Bill 2025's Clause 472 replaces Section 275 of the Income-tax Act 1961, establishing limitation periods for imposing tax penalties. The new provision requires penalty orders to be passed within six months from the end of the relevant quarter, depending on circumstances like completion of proceedings, appeals, or revisions. Key changes include shifting from 'end of month' to 'end of quarter' computation, updated section references reflecting the new appellate structure, and maintaining procedural safeguards requiring taxpayers be heard before adverse orders. The clause excludes certain periods from limitation calculations, including time for rehearings and judicial stays, while ensuring penalty orders align with revised assessments following appellate or revisional orders.
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