Amended and updated notes on section 271BA of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Penalty for failure to furnish report under section 92E.
Chapter XXI (Sections 270A to 275) of the Income Tax Act 1961 deals with the provisions related to penalties imposable. Section 271BA of IT Act 1961 provides for Penalty for failure to furnish report under section 92E.
Recently, we have discussed in detail section 271B (Failure to get accounts audited) of IT Act 1961. Today, we learn the provisions of section 271BA of Income-tax Act 1961. The amended provision of section 271BA is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 271BA of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-271BA: Penalty for failure to furnish report under section 92E
If any person fails to furnish a report from an accountant as required by section 92E, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of one hundred thousand rupees.