Clause 64 - Amendment of section 272B. - Finance (No. 2) Bill, 2019

Amendment of section 272B. 64. In section 272B of the Income-tax Act, with effect from the 1st day of September, 2019, (a) in sub-section (2), (i) for the words permanent account number , the words permanent account number or Aadhaar number, as the case may be, shall be substituted; (ii) for the words ten thousand rupees , the words ten thousand rupees for each such default shall be substituted; (b) after sub-section (2), the following sub-sections shall be inserted, namely: (2A) If a person, who is required to quote his permanent account number or Aadhaar number, as the case may be, in documents referred to in sub-section (6A) of section 139A or authenticate such number in accordance with the provisions of the said sub-section, fails to do so, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of ten thousand rupees for each such default. (2B) If a person, who is required to ensure that the permanent account number or the Aadhaar number, as the case may be, has been, (i) duly quoted in the documents relating to transactions referred to in clause (c) of sub-section (5) or in sub-section (6A) of section 139A; or (ii) duly authenticated in respect of transactions referred to under sub-section (6A) of that section, fails to do so, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of ten thousand rupees for each such default. ; (c) in sub-section (3), for the word, brackets and figure sub-section (2) , the words, brackets, figures and letters sub-section (2) or sub-section (2A) or sub-section (2B) shall be substituted.