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of <h1>New Section 271AAE Imposes Penalties on Funds and Institutions for Benefiting Related Persons Under Income-tax Act</h1> Clause 76 of the Finance Bill, 2022, introduces section 271AAE to the Income-tax Act, effective April 1, 2023. This section imposes penalties on certain funds, trusts, universities, hospitals, or institutions if they violate specific provisions of the Act related to income applied for the benefit of related persons. For a first-time violation, the penalty equals the aggregate income applied for such benefit. For repeated violations in subsequent years, the penalty is 200% of the applied income. This amendment applies from the assessment year 2023-2024 onwards.
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