Insertion of new section 271K
Section 101 of the Finance Act, 2020 deals with insertion of new section 271K. 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.
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—
Section 101, The Finance Act, 2020.
(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.".
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 101
What does Section 101 of the Finance Act deal with?
Section 101 of the Finance Act is headed "Insertion of new section 271K". 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.
How do I find court cases under Section 101 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 2020 101, section 101 Finance Act 2020, section 101 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 101 of the Finance Act, and has it changed?
Its own text turns on section 35 (Amendment of Section 80-IA), Income-tax Act 271J (Penalty for furnishing incorrect information in reports or certificates), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2020. 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
- 2. Income-tax5875 words
- 7. Amendment of Section 102233 words
- 53. Insertion of new sections 115BAC and 115BAD1625 words
- 153. Amendment of Act 28 of 20161366 words
- 116. Substitution of new section for section 8B1203 words
- 95. Amendment of Section 206C1116 words
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.