Clause 99 - Insertion of new section 271K. - Finance Bill, 2020

Insertion of new section 271K. 99. After section 271J of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2020, namely: Penalty for failure to furnish statements, etc. 271K. Without prejudice to the provisions of this Act, the Assessing Officer may direct that a sum not less than ten thousand rupees but which may extend to one lakh rupees shall be paid by way of penalty by (i ) 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, if it 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 (ii ) the institution or fund, if it 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. .