Levy of penalty for misreporting of income @200% of tax payable under Section 270A of the Income-tax Act shall continue to apply.Taxation Laws (Second Amendment) Act, 2016 came into force as the Government has notified the rules on 15th December 2016.The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 introduced in the amendment will    commence today...