Substitution of new section for section 454
Section 103 of the Finance Act, 2026 deals with substitution of new section for section 454. Substitution of new section for section 454.
Substitution of new section for section 454.
103. For section 454 of the Income-tax Act, the following section shall be substituted, namely:—
"454. Penalty for failure to furnish statement of financial transaction or reportable account after a notice.— Where any person, who is required to furnish a statement of financial transaction or reportable account under section 508(1), fails to furnish such statement or reportable account within the period specified in the notice issued under section 508(7), the income-tax authority prescribed under section 508(1) may impose on him, a penalty of Rs. 1000 for every day for which such failure continues, beginning from the day immediately after the period specified in such notice for furnishing such statement or reportable account expires and such penalty shall not exceed Rs. 100000.".
Section 103, The Finance Act, 2026 (Act 4 of 2026).
Questions about Section 103
What does Section 103 of the Finance Act deal with?
Section 103 of the Finance Act is headed "Substitution of new section for section 454". Substitution of new section for section 454.
How do I find court cases under Section 103 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 2026 103, section 103 Finance Act 2026, section 103 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
When was the Finance Act enacted?
Finance Act was enacted in 2026 as Act 4 of 2026. 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
- First Schedule. -11686 words
- 3. Income-tax under Act 30 of 20258033 words
- Fourth Schedule. -4078 words
- 2. Income-tax under Act 43 of 19612736 words
- 26. Substitution of new sections for sections 276B, 276BB, 276C, 276CC, 276CCC and 276D1437 words
- Fifth Schedule. -1363 words
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