Amended and updated notes on section 271FAB of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Penalty for failure to furnish statement or information or document by an eligible investment fund.
Chapter XXI (Sections 270A to 275) of the Income Tax Act 1961 deals with the provisions related to penalties imposable. Section 271FAB of IT Act 1961 provides for Penalty for failure to furnish statement or information or document by an eligible investment fund.
Recently, we have discussed in detail section 271FAA (Penalty for furnishing inaccurate statement of financial transaction or reportable account) of IT Act 1961. Today, we learn the provisions of section 271FAB of Income-tax Act 1961. The amended provision of section 271FAB 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 271FAB 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-271FAB: Penalty for failure to furnish statement or information or document by an eligible investment fund
If any eligible investment fund which is required to furnish a statement or any information or document, as required under sub-section (5) of section 9A fails to furnish such statement or information or document within the time prescribed under that sub-section, the income-tax authority prescribed under the said sub-section may direct that such fund shall pay, by way of penalty, a sum of five hundred thousand rupees.