272A(2)
Vishnu Ramesh (3 Points)
27 April 2023
Is the Penalty of Rs 100 per day amended to Rs 500per day?
1 Replies
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5227 Points)
Replied 28 April 2023
Amendment proposed in the provisions in S. 272A of the Income Tax Act, vide Clause 78 of the Finance Bill 2022 (budget 2022-23), to enhance penalty from Rs. 100 per day to Rs. 500 per day, to act as adequate deterrence against non-compliance:This amendments will take effect from 1st April, 2022.
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