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of <h1>Section 271AAE Introduces Penalties for Funds and Institutions Violating Tax Provisions, Doubling for Repeat Offenders</h1> Section 271AAE of the Income-tax Act, effective April 1, 2023, imposes penalties on certain funds, trusts, universities, hospitals, or institutions if they violate specific tax provisions. If a violation is detected for the first time, a penalty equal to the income amount applied for the benefit of specified persons is imposed. For repeated violations in subsequent years, the penalty increases to 200% of the income amount applied for such benefits. This section aims to ensure compliance with tax regulations by penalizing misuse of income for unauthorized benefits.
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