{"act":{"id":"finance-act-2020","short_title":"The Finance Act, 2020","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2020-2021.","act_number":null,"act_year":2020,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":157,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2020/"},"unit":"section","section":{"number":"101","heading":"Insertion of new section 271K","text":"Insertion of new section 271K. 101. After section 271J of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2020, namely:— \"271K. Penalty for failure to furnish statements, etc.—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.\".","html":"<p><b>Insertion of new section 271K.</b></p><p><b>101.</b> After section 271J of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2020, namely:—</p><p>\"271K. <i>Penalty for failure to furnish statements, etc.</i>—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—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>the research association, university, college or other institution referred to in clause (<i>ii</i>) or clause (<i>iii</i>) or the company referred to in clause (<i>iia</i>), 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>i</i>), or furnish a certificate prescribed under clause (<i>ii</i>) of sub-section (1A) of that section; or</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>the institution or fund, if it fails to deliver or cause to be delivered a statement within the time prescribed under clause (<i>viii</i>) of sub-section (5) of section 80G, or furnish a certificate prescribed under clause (<i>ix</i>) of the said sub- section.\".</td></tr></table></div>","words":184,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2020/section/101/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}