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

Section 271K of Income Tax Act 1961 amended by the Finance Act 2022 and Income-tax Rules, 1962. Penalty for failure to furnish statements.

Amended and updated notes on section 271K 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 statements, etc.

Chapter XXI (Sections 270A to 275) of the Income Tax Act 1961 deals with the provisions related to penalties imposable. Section 271K of IT Act 1961 provides for Penalty for failure to furnish statements, etc.

Recently, we have discussed in detail section 271J (Penalty for furnishing incorrect information in reports or certificates) of IT Act 1961. Today, we learn the provisions of section 271K of Income-tax Act 1961. The amended provision of section 271K 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 271K 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-271K: Penalty for failure to furnish statements

Without prejudice to the provisions of this Act, the Assessing Officer may direct that a sum not less than ten thousand rupees but which may extend to one lakh rupees shall be paid by way of penalty by—

(i) the research association, university, college or other institution referred to in clause (ii) or clause (iii) or the company referred to in clause (iia) of sub-section (1) of section 35, if it fails to deliver or cause to be delivered a statement within the time prescribed under clause (i), or furnish a certificate prescribed under clause (ii) of sub-section (1A) of that section; or

(ii) the institution or fund, if it fails to deliver or cause to be delivered a statement within the time prescribed under clause (viii) of sub-section (5) of section 80G, or furnish a certificate prescribed under clause (ix) of the said sub-section.

[Section 271K shall be inserted w.e.f. 01.04.2021 by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020]


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