Clause 100 - Amendment of section 271AA. - Finance Bill, 2016

Amendment of section 271AA. 100. In the Income-tax Act, with effect from the 1st day of April, 2017, section 271AA shall be renumbered as sub-section (1) thereof and,- (a) in sub-section (1) as so renumbered, after the words without prejudice to the provisions of , the word, figures and letter section 270A or shall be inserted; (b) after sub-section (1) as so renumbered, the following sub-section shall be inserted, namely:- (2) If any person fails to furnish the information and the document as required under sub-section (4) of section 92D, the prescribed income-tax authority referred to in the said sub-section may direct that such person shall pay, by way of penalty, a sum of five hundred thousand rupees. .