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of <h1>Section 234G: New Daily Fee for Late Submission of Financial Statements by Institutions and Companies under Finance Bill 2020.</h1> Clause 94 of the Finance Bill, 2020 introduces section 234G to the Income-tax Act, effective June 1, 2020. It mandates a fee of 200 rupees per day for research associations, universities, colleges, other institutions, or companies failing to timely deliver statements or certificates as required under section 35 or section 80G. The fee cannot exceed the amount related to the default and must be paid before submission of the delayed document. This provision ensures compliance with prescribed timelines for financial documentation.
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