Amendment of section 271

In force Act 20 of 2015 As on 06 Oct 2026

Act 20 of 2015 Ministry Finance Cited by 1 provision

Section 70 of the Finance Act, 2015 deals with amendment of section 271. Amendment of section 271. 70. In section 271 of the Income-tax Act, with effect from the 1st day of April, 2016, in sub-section (1), for Explanation 4, the following Explanation shall be substituted, namely:— "Explanation 4.— For the purposes of clause (iii) of this sub-section,— (a) | the amount of

Amendment of section 271.
70. In section 271 of the Income-tax Act, with effect from the 1st day of April, 2016, in sub-section (1), for Explanation 4, the following Explanation shall be substituted, namely:—
"Explanation 4.— For the purposes of clause (iii) of this sub-section,—
(a) the amount of tax sought to be evaded shall be determined in accordance with the following formula—
(A-B) + (C-D)
where,
A = amount of tax on the total income assessed as per the provisions other than the provisions contained in section 115JB or section 115JC (herein called general provisions);
B = amount of tax that would have been chargeable had the total income assessed as per the general provisions been reduced by the amount of income in respect of which particulars have been concealed or inaccurate particulars have been furnished;
C = amount of tax on the total income assessed as per the provisions contained in section 115JB or section 115JC;
D = amount of tax that would have been chargeable had the total income assessed as per the provisions contained in section 115JB or section 115JC been reduced by the amount of income in respect of which particulars have been concealed or inaccurate particulars have been furnished:
Provided that where the amount of income in respect of which particulars have been concealed or inaccurate particulars have been furnished on any issue is considered both under the provisions contained in section 115JB or section 115JC and under general provisions, such amount shall not be reduced from total income assessed while determining the amount under item D :
Provided further that in a case where the provisions contained in section 115JB or section 115JC are not applicable, the item (C - D) in the formula shall be ignored;
(b) where in any case the amount of income in respect of which particulars have been concealed or inaccurate particulars have been furnished has the effect of reducing the loss declared in the return or converting that loss into income, the amount of tax sought to be evaded shall be determined in accordance with the formula specified in clause (a) with the modification that the amount to be determined for item (A - B)in that formula shall be the amount of tax that would have been chargeable on the income in respect of which particulars have been concealed or inaccurate particulars have been furnished had such income been the total income;
(c) where in any case to which Explanation 3 applies, the amount of tax sought to be evaded shall be the tax on the total income assessed as reduced by the amount of advance tax, tax deducted at source, tax collected at source and self-assessment tax paid before the issue of notice under section 148.".
Section 70, The Finance Act, 2015 (Act 20 of 2015).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

Referred to by 1

s. 112 Amendment of section 73

Questions about Section 70

What does Section 70 of the Finance Act deal with?

Section 70 of the Finance Act is headed "Amendment of section 271". Amendment of section 271. 70. In section 271 of the Income-tax Act, with effect from the 1st day of April, 2016, in sub-section (1), for Explanation 4, the following Explanation shall be substituted, namely:— "Explanation 4.— For the purposes of clause (iii) of this sub-section,— (a) | the amount of

How do I find court cases under Section 70 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2015 70, section 70 Finance Act 2015, section 70 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 70 of the Finance Act, and has it changed?

Its own text turns on section 148 (Amendment of section 20), Income-tax Act 271 (Failure to furnish returns, comply with notices, concealment of income, etc), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was the Finance Act enacted?

Finance Act was enacted in 2015 as Act 20 of 2015. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

First Schedule. First Schedule8029 words
Fifth Schedule. Fifth Schedule4392 words
2. Income-tax3525 words
94. Substitution of new section for section 11AC1125 words
6. Insertion of new section 9A1095 words
5. Amendment of section 91039 words

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(a)		the amount of tax sought to be evaded shall be determined in accordance with the following formula—
		(A-B) + (C-D)
		where,
		A = amount of tax on the total income assessed as per the provisions other than the provisions contained in section 115JB or section 115JC (herein called general provisions);
		B = amount of tax that would have been chargeable had the total income assessed as per the general provisions been reduced by the amount of income in respect of which particulars have been concealed or inaccurate particulars have been furnished;
		C = amount of tax on the total income assessed as per the provisions contained in section 115JB or section 115JC;
		D = amount of tax that would have been chargeable had the total income assessed as per the provisions contained in section 115JB or section 115JC been reduced by the amount of income in respect of which particulars have been concealed or inaccurate particulars have been furnished:
		Provided that where the amount of income in respect of which particulars have been concealed or inaccurate particulars have been furnished on any issue is considered both under the provisions contained in section 115JB or section 115JC and under general provisions, such amount shall not be reduced from total income assessed while determining the amount under item D :
		Provided further that in a case where the provisions contained in section 115JB or section 115JC are not applicable, the item (C - D) in the formula shall be ignored;
(b)		where in any case the amount of income in respect of which particulars have been concealed or inaccurate particulars have been furnished has the effect of reducing the loss declared in the return or converting that loss into income, the amount of tax sought to be evaded shall be determined in accordance with the formula specified in clause (a) with the modification that the amount to be determined for item (A - B)in that formula shall be the amount of tax that would have been chargeable on the income in respect of which particulars have been concealed or inaccurate particulars have been furnished had such income been the total income;
(c)		where in any case to which Explanation 3 applies, the amount of tax sought to be evaded shall be the tax on the total income assessed as reduced by the amount of advance tax, tax deducted at source, tax collected at source and self-assessment tax paid before the issue of notice under section 148.".