{"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":"96","heading":"Insertion of new section 234G","text":"Insertion of new section 234G. 96. After section 234F of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2020, namely:— \"234G. Fee for default relating to statement or certificate.—(1) Without prejudice to the provisions of this Act, where,— (a) | 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 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 (b) | the institution or fund 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, it shall be liable to pay, by way of fee, a sum of two hundred rupees for every day during which the failure continues. (2) The amount of fee referred to in sub-section (1) shall,— (a) | not exceed the amount in respect of which the failure referred to therein has occurred; (b) | be paid before delivering or causing to be delivered the statement or before furnishing the certificate referred to in sub-section (1).\".","html":"<p><b>Insertion of new section 234G.</b></p><p><b>96.</b> After section 234F of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2020, namely:—</p><p>\"234G. <i>Fee for default relating to statement or certificate.</i>—(1) Without prejudice to the provisions of this Act, where,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</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 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>b</i>)</td><td></td><td>the institution or fund 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><p>it shall be liable to pay, by way of fee, a sum of two hundred rupees for every day during which the failure continues.</p><p><span class=\"num\">(2)</span> The amount of fee referred to in sub-section (1) shall,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>not exceed the amount in respect of which the failure referred to therein has occurred;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>be paid before delivering or causing to be delivered the statement or before furnishing the certificate referred to in sub-section (1).\".</td></tr></table></div>","words":227,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2020/section/96/","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."}