Amendment of section 271E.
70. In section 271E of the Income-tax Act, in sub-section (1), after the words “loan or deposit” occuring at both the places, the words “or specified advance” shall be inserted with effect from the 1st day of June, 2015.
Notes on Clauses:
Clause 70 of the Bill seeks to amend section 271E of the Income-tax relating to penalty for failure to comply with the provisions of section 269T.
The existing provision contained in section 271E of the Income tax Act provides that if a person repays any loan or deposit referred to in section 269T otherwise than in accordance with 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 so repaid.
It is proposed to amend section 271E of the Income-tax Act to provide that if a person repays any loan or deposit or specified advance referred to in section 269T otherwise than in accordance with 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 advance so repaid.
This amendment will take effect from 1st June, 2015.
