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of <h1>Non-compliance with Section 269SU incurs daily penalties under Section 271DB; waivers possible for valid reasons.</h1> Section 271DB of the Income-tax Act, introduced by the Finance (No. 2) Act, 2019, effective from November 1, 2019, mandates penalties for non-compliance with section 269SU. It imposes a daily penalty of five thousand rupees on individuals who fail to provide facilities for accepting payments through prescribed electronic modes. However, penalties can be waived if the individual proves valid reasons for non-compliance. The Joint Commissioner of Income-tax is responsible for imposing such penalties.
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