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of <h1>New Section 271DB: Daily Penalties for Non-Compliance with Electronic Payment Facilities Under Section 269SU, Effective Nov 1, 2019.</h1> Clause 62 of the Finance (No. 2) Bill, 2019 introduces section 271DB to the Income-tax Act, effective from November 1, 2019. This section mandates a penalty for individuals failing to provide facilities for accepting payments through prescribed electronic modes as required by section 269SU. The penalty is set at five thousand rupees per day of non-compliance. However, penalties are waived if the individual can demonstrate valid reasons for the failure. The Joint Commissioner of Income-tax is responsible for imposing these penalties.
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