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        Section 101 - Insertion of new section 271K.

        Finance Act, 2020
        Chapter III
        DIRECT TAXES - Income-tax

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        Penalty for failure to furnish prescribed statements imposes fines on specified research, educational and charitable institutions for non-delivery. Section 271K creates a penalty mechanism empowering the Assessing Officer to direct payment of a monetary penalty where specified research associations, universities, colleges, institutions, companies, or funds fail to deliver prescribed statements or furnish required certificates under the relevant clauses of sections 35 and 80G, imposing a defined minimum and maximum sanction for such non-compliance.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Penalty for failure to furnish prescribed statements imposes fines on specified research, educational and charitable institutions for non-delivery.

                                Section 271K creates a penalty mechanism empowering the Assessing Officer to direct payment of a monetary penalty where specified research associations, universities, colleges, institutions, companies, or funds fail to deliver prescribed statements or furnish required certificates under the relevant clauses of sections 35 and 80G, imposing a defined minimum and maximum sanction for such non-compliance.


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