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Section79
The Finance Act, 2024 (No. 2)

Amendment of section 271FAA

In force As on 07 Oct 2026

Ministry Finance Enacted 16 Aug 2024

Section 79 of the Finance Act, 2024 (No. 2) deals with amendment of section 271FAA. 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 stateme The Act was enacted on 16 Aug 2024.

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.".
Section 79, The Finance Act, 2024 (No. 2).

Questions about Section 79

What does Section 79 of the Finance Act, 2024 (No. 2) deal with?

Section 79 of the Finance Act, 2024 (No. 2) is headed "Amendment of section 271FAA". 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 stateme

How do I find court cases under Section 79 of the Finance Act, 2024 (No. 2)?

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, 2024 (No. 2) 79, section 79 Finance Act, 2024 (No. 2), section 79 of the Finance Act, 2024 (No. 2). Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

When was Section 79 of the Finance Act, 2024 (No. 2) enacted?

Section 79 of the Finance Act, 2024 (No. 2), cited as Finance Act, 2024 (No. 2) 79, was enacted on 16 Aug 2024. It is in force as at the date shown on this page.

Other sections of this Act

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