AMENDMENT OF SECTION 271AAB
AMENDMENT OF SECTION 272A
November 10, 2016
RATIONALISATION OF PENALTY PROVISIONS
November 10, 2016
As per the existing provisions, where search has been initiated, the general clause of penalty ranges from 30% to 90% of the undisclosed income.
It is proposed to amend the rate of penalty to 60% of such undisclosed income.
These amendments will take effect from the 1st day of April, 2017.
