Section 28: Section 150 of the Income Tax Act, 2000 is amended by–

(a) the repeal and replacement of subsection (1) by the following new subsection– “ (1) A taxpayer who, without reasonable excuse fails to file a return of income within the time required shall be liable to a penalty of– (a) Le5,000,000 ; (b) ten percent of the tax payable; (b) by inserting the following new subsection immediately after subsection (2)- “(3) This section shall not apply to tax payers who have opted for the small and micro enterprises regime as stipulated under section 4.”