Amendment of section 271D.
69. In section 271D of the Income-tax Act, in sub-section (1), after the words “loan or deposit” occuring at both the places, the words “or specified sum” shall be inserted with effect from the 1st day of June, 2015.
Notes on Clauses:
Clause 69 of the Bill seeks to amend section 271D of the Income-tax relating to penalty for failure to comply with the provisions of section 269SS.
The existing provision contained in section 271D of the Income tax Act provides that if a person accepts any loan or deposit in contravention of the provisions of section 269SS, he shall be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit so accepted.
It is proposed to amend section 271D of the Income-tax Act to provide that if a person accepts any loan or deposit or specified sum referred to in section 269SS in contravention of the provisions of that section, he shall be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit or specified sum so accepted.
This amendment will take effect from 1st June, 2015.
