# The Finance Act, 2024 (No. 2), Section 79: Amendment of section 271FAA

- Act: The Finance Act, 2024 (No. 2)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2024-no-2/section/79/

## Text

Amendment of section 271FAA. 79. In section 271FAA of the Income-tax Act, for sub-section (1), the following sub-section shall be substituted with effect from the 1st day of October, 2024, namely:— "(1) If a person referred to in sub-section (1) of section 285BA, who is required to furnish a statement under that section,— (a) | provides inaccurate information in the statement or fails to furnish correct information within the period specified under sub-section (6) of the said section; or (b) | fails to comply with the due diligence requirement prescribed under sub-section (7) of the said section, then, the prescribed income-tax authority referred to in sub-section (1) thereof may direct that such person shall pay, by way of penalty, a sum of fifty thousand rupees.".

---
Published by eCourtsIndia together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957.