Amended and updated notes on section 272BBB 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 comply with the provisions of section 206CA.
Chapter XXI (Sections 270A to 275) of the Income Tax Act 1961 deals with the provisions related to penalties imposable. Section 272BBB of IT Act 1961 provides for Penalty for failure to comply with the provisions of section 206CA.
Recently, we have discussed in detail section 272BB (Penalty for failure to comply with the provisions of section 203A) of IT Act 1961. Today, we learn the provisions of section 272BBB of Income-tax Act 1961. The amended provision of section 272BBB 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 272BBB 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-272BBB: Penalty for failure to comply with the provisions of section 206CA
Section 272BBB(1) of Income Tax Act
If a person fails to comply before the 1st day of October, 2004 with the provisions of section 206CA, he shall, on an order passed by the Assessing Officer, pay, by way of penalty, a sum of ten thousand rupees.
Section 272BBB(2) of Income Tax Act
No order under sub-section (1) shall be passed unless the person on whom the penalty is proposed to be imposed, is given an opportunity of being heard in the matter.