Penalty for Failures during Income Tax Proceedings raised to Rs. 500 after 23 Years

By Taxscan Team - On February 2, 2022 10:50 am - 2 mins read
Penalty - Income Tax Proceedings - Income tax - 23 Years - Failures - Budget scan - Budget 2022 - Budget session - Budget with Taxscan - Taxscan

The Finance Bill, 2022 has made an amendment to the provisions of Section 272A of the Income Tax Act, 1961, raising the penalty fee for prescribed failures, after 23 years of the incorporation of the provision. Section 272A of the Act provides for penalty for failure to answer questions, sign statements, furnish information, returns or…

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