Section 272AA of Income Tax Act for AY 2023-24

Section 272AA of Income Tax Act 1961 amended by Finance Act 2022 and Income-tax Rules. Penalty for failure to comply with section 133B.

Amended and updated notes on section 272AA 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 133B.

Chapter XXI (Sections 270A to 275) of the Income Tax Act 1961 deals with the provisions related to penalties imposable. Section 272AA of IT Act 1961 provides for Penalty for failure to comply with the provisions of section 133B.

Recently, we have discussed in detail section 272A (Penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc.) of IT Act 1961. Today, we learn the provisions of section 272AA of Income-tax Act 1961. The amended provision of section 272AA is effective for financial year 2020-21 relevant to the assessment year 2021-22.

In this article, you will learn detail of the provisions of section 272AA 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-272AA: Penalty for failure to comply with the provisions of section 133B

Section 272AA(1) of Income Tax Act

If a person fails to comply with the provisions of section 133B, he shall, on an order passed by the Joint Commissioner, Assistant Director or Deputy Director or the Assessing Officer, as the case may be, pay, by way of penalty, a sum which may extend to one thousand rupees.

Section 272AA(2) of Income Tax Act

No order under sub-section (1) shall be passed unless the person on whom the penalty is proposed to be imposed is given an opportunity of being heard in the matter.


Open Demat Account

For Investing or Trading

(Best Investing and Trading Platform in India)

Learn More