Income Tax Department

Ministry of Finance, Government of India

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Section 271D

Penalty for failure to comply with the provisions of section 269SS

Section

Section Number

271D

Chapter

CHAPTER XXI - PENALTIES IMPOSABLE

Act

Income-tax Act, 1961

Year

2020

Penalty for failure to comply with the provisions of section 269SS

Penalty for failure to comply with the provisions of section 269SS

Penalty for failure to comply with the provisions of section 269SS.

271D. (1) If a person takes or accepts any loan or deposit or specified sum in contravention of the provisions of section 269SS, he shall be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit or specified sum so taken or accepted.

(2) Any penalty imposable under sub-section (1) shall be imposed by the Joint Commissioner.

Footnotes