Section 271E of Income Tax Act for AY 2023-24

Section 271E of Income Tax Act 1961 amended by Finance Act 2022 and Income-tax Rules. Penalty for failure to comply with section 269T.

Amended and updated notes on section 271E 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 the provisions of section 269T.

Chapter XXI (Sections 270A to 275) of the Income Tax Act 1961 deals with the provisions related to penalties imposable. Section 271E of IT Act 1961 provides for Penalty for failure to comply with the provisions of section 269T.

Recently, we have discussed in detail section 271DB (Penalty for failure to comply with provisions of section 269SU) of IT Act 1961. Today, we learn the provisions of section 271E of Income-tax Act 1961. The amended provision of section 271E 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 271E 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-271E: Penalty for failure to comply with the provisions of section 269T

Section 271E(1) of Income Tax Act

If a person repays any loan or deposit or specified advance referred to in section 269T otherwise than in accordance with the provisions of that section, he shall be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit or specified advance so repaid.

Section 271E(2) of Income Tax Act

Any penalty imposable under sub-section (1) shall be imposed by the Joint Commissioner.


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