Amended and updated notes on section 271A of Income Tax Act 1961 as amended by the Finance Act 2020 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Failure to keep, maintain or retain books of account, documents, etc.
Chapter XXI (Sections 270A to 275) of the Income Tax Act 1961 deals with the provisions related to penalties imposable. Section 271A of IT Act 1961 provides for Failure to keep, maintain or retain books of account, documents, etc.
Recently, we have discussed in detail section 270AA (Immunity from imposition of penalty, etc.) of IT Act 1961. Today, we learn the provisions of section 271A of Income-tax Act 1961. The amended provision of section 271A is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 271A of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-271A: Failure to keep, maintain or retain books of account, documents, etc.
Without prejudice to the provisions of section 270A or section 271, if any person fails to keep and maintain any such books of account and other documents as required by section 44AA or the rules made thereunder, in respect of any previous year or to retain such books of account and other documents for the period specified in the said rules, the Assessing Officer or the Commissioner (Appeals) may direct that such person shall pay, by way of penalty, a sum of twenty-five thousand rupees.