Clause 94 - Insertion of new section 234G. - Finance Bill, 2020

Insertion of new section 234G. 94. After section 234F of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2020, namely: Fee for default relating to statement or certificate. 234G. (1 ) Without prejudice to the provisions of this Act, where, (a ) the research association, university, college or other institution referred to in clause (ii ) or clause (iii ) or the company referred to in clause (iia ) of sub-section (1 ) of section 35 fails to deliver or cause to be delivered a statement within the time prescribed under clause (i ), or furnish a certificate prescribed under clause (ii ) of sub-section (1A ) of that section; or (b ) the institution or fund fails to deliver or cause to be delivered a statement within the time prescribed under clause ( viii ) of sub-section (5 ) of section 80G, or furnish a certificate prescribed under clause (ix ) of the said sub-section, it shall be liable to pay, by way of fee, a sum of two hundred rupees for every day during which the failure continues. (2 ) The amount of fee referred to in sub-section (1 ) shall, (a ) not exceed the amount in respect of which the failure referred to therein has occurred; (b ) be paid before delivering or causing to be delivered the statement or before furnishing the certificate referred to in sub-section (1 ). .