Waiver of Certain Tax, Interest and Penalties Act, 1993
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Amendment of section 512 (mitigation and application of fines and penalties) of Income Tax Act, 1967. |
10.— Section 512 of the Income Tax Act, 1967 , is hereby amended in subsection (1)— | |
(a) by the deletion of the references to “entirely remit” or “remit”, and | ||
(b) by the addition of the following proviso to that subsection: | ||
“Provided that— | ||
(a) where a fine or penalty is mitigated or further mitigated, as the case may be, after judgment, the amount or amounts so mitigated shall, subject to paragraph (b), not be greater than 50 per cent. of the amount of the fine or penalty, and | ||
(b) in relation to an individual, being an individual referred to in subsection (2) of section 2 , or a person referred to in subsection (2) of section 3 , of the Waiver of Certain Tax, Interest and Penalties Act, 1993, who— | ||
(i) fails to give a declaration required by subsection (3) (a) of the said section 2 , or | ||
(ii) gives such a declaration as aforesaid or a declaration under subsection (6) (b) of the said section 3 which is false or fails to comply with the requirements of subparagraph (iii) or (iv) of the said subsection (3) (a) or subparagraph (III) of the said subsection (6) (b) to the extent that any of the said sub-paragraphs apply to him, | ||
no mitigation shall be allowed.”. |