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Section74
The Finance Act, 2015

Insertion of new section 271GA

In force Act 20 of 2015 As on 07 Oct 2026

Act 20 of 2015 Ministry Finance

Section 74 of the Finance Act, 2015 deals with insertion of new section 271GA. Insertion of new section 271GA. 74. After section 271G of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2016, namely:— "271GA.

Insertion of new section 271GA.

74. After section 271G of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2016, namely:—

"271GA. Penalty for failure to furnish information or document under section 285A.—If any Indian concern, which is required to furnish any information or document under section 285A, fails to do so, the income-tax authority, as may be prescribed under the said section, may direct that such Indian concern shall pay, by way of penalty,—

(i)a sum equal to two per cent of the value of the transaction in respect of which such failure has taken place, if such transaction had the effect of directly or indirectly transferring the right of management or control in relation to the Indian concern;
(ii)a sum of five hundred thousand rupees in any other case.".
Section 74, The Finance Act, 2015 (Act 20 of 2015).

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. 271G Penalty for failure to furnish information or document under section 92D

Questions about Section 74

What does Section 74 of the Finance Act deal with?

Section 74 of the Finance Act is headed "Insertion of new section 271GA". Insertion of new section 271GA. 74. After section 271G of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2016, namely:— "271GA.

How do I find court cases under Section 74 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 2015 74, section 74 Finance Act 2015, section 74 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 74 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 271G (Penalty for failure to furnish information or document under section 92D), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 2015 as Act 20 of 2015. 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.