Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in the relevant Act or the scheme, where on the date of commencement of the scheme, the arrears of tax or surcharge in a specified order is rupees fifty thousand or less, the entire amount of arrears of tax, surcharge, interest or penalty under that specified order shall be the amount waived: Provided that, in the case where the evidence, details and records pertaining to the penalty levied are not utilized or not liable to be utilized for any best judgment assessment under the relevant Act and if the tax or surcharge relating to such penalty is rupees fifty thousand or less, such tax or surcharge shall be deemed to be the arrears of tax or surcharge for the purpose of this section. [Provided further that, in cases where the certificate of settlement has been issued in respect of all tax or taxes/surcharge pertaining to a year under a relevant Act [or no tax or taxes/surcharge remains to be settled in a year], all penalty imposed under such relevant Act pertaining to such year, other than the penalty referred to in the proviso to clause (a) of sub-section (1) of section 6 of this Act, shall be deemed to be settled under this Act.] Inserted by ACT 28 OF 2024 Published in K.G. Ext. No. 3514 dt. 02/11/2024 (w.e.f. 01/08/2024). Inserted by Act 3 of 2025 published in K. G. Ext. No. 1269 dt. 29/03/2025 (w.e.f. 01/08/2024).