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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New Section 271K in Income-tax Act: Penalties for Non-Compliance with Reporting Under Sections 35 and 80G.</h1> Section 271K is introduced in the Income-tax Act, effective from June 1, 2020, imposing penalties for failure to furnish required statements or certificates. The Assessing Officer can levy a penalty ranging from ten thousand to one lakh rupees on research associations, universities, colleges, or companies if they fail to submit statements or certificates as mandated under section 35. Similarly, institutions or funds failing to comply with the requirements under section 80G will also face penalties. This provision aims to ensure timely compliance with statutory reporting obligations.
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