Substitution of new section for section 271FA
Section 58 of the Finance Act, 2013 deals with substitution of new section for section 271FA. Substitution of new section for section 271FA.
Substitution of new section for section 271FA.
58. For section 271FA of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2014, namely:—
"271FA. Penalty for failure to furnish annual information return.— If a person who is required to furnish an annual information return under sub-section (1) of section 285BA, fails to furnish such return within the time prescribed under sub-section (2) thereof, the income-tax authority prescribed under said sub-section (1) may direct that such person shall pay, by way of penalty, a sum of one hundred rupees for every day during which such failure continues:
Provided that where such person fails to furnish the return within the period specified in the notice issued under sub-section (5) of section 285BA, he shall pay, by way of penalty, a sum of five hundred rupees for every day during which the failure continues, beginning from the day immediately following the day on which the time specified in such notice for furnishing the return expires.".
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Section 58, The Finance Act, 2013.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Referred to by 1
Questions about Section 58
What does Section 58 of the Finance Act deal with?
Section 58 of the Finance Act is headed "Substitution of new section for section 271FA". Substitution of new section for section 271FA.
How do I find court cases under Section 58 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2013 58, section 58 Finance Act 2013, section 58 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 58 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 271FA (Penalty for failure to furnish statement of financial transaction or reportable account), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.
When was the Finance Act enacted?
Finance Act was enacted in 2013. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule7233 words
- 2. Income-tax3208 words
- 26. Insertion of new Chapter X-A1952 words
- 103. Amendment of Act 32 of 19941412 words
- 5. Amendment of section 101253 words
- 39. Insertion of new section 144BA1225 words
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