The Janvishwas Bill amendment Act 2023 was gazette notified yesterday. This contains many amendments to ITA 2000 which had been provisionally incorporated in the copy of ITA 2000 which is available on this website.
Now they may be considered as finalized amendments.
List of Amendments to ITA 2000
Section 33: Failure to Surrender of CA license which has been revoked: Penalty of Rs 5 lakhs. No Imprisonment
Section 44: Penalty for failure to furnish information, return etc penalties increased
a) From 1.50 lakhs to 15 lakhs for not furnishing the required document
b) from Rs 5000/- to Rs 50000/- per day for not submitting returns
c) from 10000/ to Rs 1 lakh for not maintaining books
Section 45: Residuary Penalty increased from Rs 25000/- to Rs 1 lakh and compensation increased from Rs 25000/- to Rs 1 lakh for an individual and Rs 10 lakh for an Intermediary or company
Section 46: “Under this Chapter” changed to “Under this Act” and the word “injury” removed
Section 67C: Penalty up to Rs 25 lakhs from and no imprisonment.
Section 68: Penalty increased to Rs 25 lakhs and imprisonment removed
Section 69B: Imprisonment reduced from 3 years to 1 year and Fine increased to Rs 1 crore
Section 70B: Penalty raised from Rs 1 lakh to Rs 1 crore
Section 72: Penalty increased to Rs 5 lakhs, Imprisonment term removed
Section 72A: Penalty increased to Rs 25 lakhs, Imprisonment removed