Insertion of new section 271DB.
62. After section 271DA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of November, 2019, namely:-
Penalty for failure to comply with provisions of section 269SU.
“271DB.(1) If a person who is required to provide facility for accepting payment through the prescribed electronic modes of payment referred to in section 269SU, fails to provide such facility, he shall be liable to pay, by way of penalty, a sum of five thousand rupees, for every day during which such failure continues:
Provided that no such penalty shall be imposable if such person proves that there were good and sufficient reasons for such failure.
(2) Any penalty imposable under sub-section (1) shall be imposed by the Joint Commissioner of Income-tax.”.
Notes on Clauses:
Clause 62 of the Bill seeks to insert a new section 271DB of the Income-tax Act relating to penalty for failure to comply with provisions of section 269SU.
It is proposed to provide that if a person who is required to provide facility for accepting payment through the prescribed electronic modes of payment referred to in section 269SU, fails to provide such facility, he shall be liable to pay, by way of penalty, a sum of five thousand rupees, for every day during which such failure continues.
It is further proposed that the penalty shall not be imposable if the person proves that there were good and sufficient reasons for such failure.
It is also proposed that any such penalty shall be imposed by the Joint Commissioner.
This amendment will take effect from 1st November, 2019.
