Amended and updated notes on section 271DA 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 comply with provisions of section 269ST.
Chapter XXI (Sections 270A to 275) of the Income Tax Act 1961 deals with the provisions related to penalties imposable. Section 271DA of IT Act 1961 provides for Penalty for failure to comply with provisions of section 269ST.
Recently, we have discussed in detail section 271D (Penalty for failure to comply with the provisions of section 269SS) of IT Act 1961. Today, we learn the provisions of section 271DA of Income-tax Act 1961. The amended provision of section 271DA 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 271DA 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-271DA: Penalty for failure to comply with provisions of section 269ST
Section 271DA(1) of Income Tax Act
If a person receives any sum in contravention of the provisions of section 269ST, he shall be liable to pay, by way of penalty, a sum equal to the amount of such receipt:
Provided that no penalty shall be imposable if such person proves that there were good and sufficient reasons for the contravention.
Section 271DA(2) of Income Tax Act
Any penalty imposable under sub-section (1) shall be imposed by the Joint Commissioner.