Insertion of new 271GC
Section 80 of the Finance Act, 2024 (No. 2) deals with insertion of new 271GC. Insertion of new 271GC. 80. After section 271GB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2025, namely:— "271GC. The Act was enacted on 16 Aug 2024.
Insertion of new 271GC.
80. After section 271GB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2025, namely:—
"271GC. Penalty for failure to submit statement under section 285 - If any person who is required to furnish statement under section 285, fails to do so within the period prescribed under that section, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of—
Section 80, The Finance Act, 2024 (No. 2).
(a) one thousand rupees for every day for which the failure continues, if the period of failure does not exceed three months; or (b) one lakh rupees in any other case.".
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 80
What does Section 80 of the Finance Act, 2024 (No. 2) deal with?
Section 80 of the Finance Act, 2024 (No. 2) is headed "Insertion of new 271GC". Insertion of new 271GC. 80. After section 271GB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2025, namely:— "271GC.
How do I find court cases under Section 80 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) 80, section 80 Finance Act, 2024 (No. 2), section 80 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.
What should I read with Section 80 of the Finance Act, 2024 (No. 2), and has it changed?
Its own text turns on Income-tax Act 271GB (Penalty for failure to furnish report or for furnishing inaccurate report under section 286), so none of them can safely be read on its own.
When was Section 80 of the Finance Act, 2024 (No. 2) enacted?
Section 80 of the Finance Act, 2024 (No. 2), cited as Finance Act, 2024 (No. 2) 80, was enacted on 16 Aug 2024. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. -10716 words
- 2. Income-tax9063 words
- 49. Substitution of new Chapter for Chapter XIV-B4593 words
- Fourth Schedule. -1864 words
- 138. Insertion of section 74A1329 words
- 89. Definitions889 words
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