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Section71
The Finance Act, 2014

Insertion of new section 271FAA

In force Act 25 of 2014 As on 06 Oct 2026

Act 25 of 2014 Ministry Finance Cited by 1 provision

Section 71 of the Finance Act, 2014 deals with insertion of new section 271FAA. Insertion of new section 271FAA. 71. After section 271FA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2015, namely:— "271FAA.

Insertion of new section 271FAA.

71. After section 271FA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2015, namely:—

"271FAA. Penalty for furnishing inaccurate statement of financial transaction or reportable account.— If a person referred to in clause (k) of sub-section (1) of section 285BA, who is required to furnish a statement under that section, provides inaccurate information in the statement, and where—

(a)the inaccuracy is due to a failure to comply with the due diligence requirement prescribed under sub-section (7) of section 285BA or is deliberate on the part of that person; or
(b)the person knows of the inaccuracy at the time of furnishing the statement of financial transaction or reportable account, but does not inform the prescribed income-tax authority or such other authority or agency; or
(c)the person discovers the inaccuracy after the statement of financial transaction or reportable account is furnished and fails to inform and furnish correct information within the time specified under sub-section (6) of section 285BA,

then, the prescribed income-tax authority may direct that such person shall pay, by way of penalty, a sum of fifty thousand rupees.".

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Section 71, The Finance Act, 2014 (Act 25 of 2014).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. Income-tax Act s. 271FA Penalty for failure to furnish statement of financial transaction or reportable account

Referred to by 1

  1. s. 1 Short title and Commencement

Questions about Section 71

What does Section 71 of the Finance Act deal with?

Section 71 of the Finance Act is headed "Insertion of new section 271FAA". Insertion of new section 271FAA. 71. After section 271FA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2015, namely:— "271FAA.

How do I find court cases under Section 71 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 2014 71, section 71 Finance Act 2014, section 71 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 71 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 2014 as Act 25 of 2014. 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

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.