TaxTMI Login
Just a moment...
By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All TMI Notes
of of All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Finance Bill 2022: Enhanced Penalties for Tax Noncompliance; Commissioners Empowered to Levy Fines from April 1, 2022.</h1> Sections 271AAB, 271AAC, and 271AAD of the Act empower the Assessing Officer to impose penalties for undisclosed income, false entries, or omissions in accounts. The Finance Bill 2022 proposes amendments to allow the Commissioner (Appeals) to also levy penalties under these sections, enhancing deterrence against tax noncompliance. These changes are effective from April 1, 2022. Additionally, section 272A, which penalizes failures to comply with tax obligations, will see its penalty increased from one hundred to five hundred rupees per day, addressing concerns about its inadequate deterrent effect. This amendment also takes effect from April 1, 2022.
TaxTMI 
TaxTMI 