Income Tax Act, 2025
Section 4: Subs. by s. 4, ibid., for “Commissioner” (w.r.e.f. 12013).
4. Subs. by s. 4, ibid., for “Commissioner” (w.r.e.f. 12013).
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1[271AAC. Penalty in respect of certain income.—(1) The Assessing Officer may, notwithstanding
anything contained in this Act other than the provisions of section 271AAB, direct that, in a case where
the income determined includes any income referred to in section 68, section 69, section 69A, section
69B, section 69C or section 69D for any previous year, the assessee shall pay by way of penalty, in
addition to tax payable under section 115BBE, a sum computed at the rate of ten per cent of the tax
payable under clause (i) of sub-section (1) of section 115BBE:
Provided that no penalty shall be levied in respect of income referred to in section 68, section 69,
section 69A, section 69B, section 69C or section 69D to the extent such income has been included by the
assessee in the return of income furnished under section 139 and the tax in accordance with the provisions
of clause (i) of sub-section (1) of section 115BBE has been paid on or before the end of the relevant
previous year.
(2) No penalty under the provisions of section 270A shall be imposed upon the assessee in respect of
the income referred to in sub-section (1).
(3) The provisions of sections 274 and 275 shall, as far as may be, apply in relation to the penalty
referred to in this section.]
2[271B. Failure to get accounts audited.—If any person fails 3*** to get his accounts audited in
respect of any previous year or years relevant to an assessment year or 4[furnish a report of such audit as
required under section 44AB], the 5[Assessing Officer] may direct that such person shall pay, by way of
penalty, a sum equal to one-half per cent of the total sales, turnover or gross receipts, as the case may be,
in business, or of the gross receipts in profession, in such previous year or years or a sum of 6[one
hundred fifty thousand rupees], whichever is less.]
7[271BA. Penalty for failure to furnish report under section 92E.—If any person fails to furnish a
report from an accountant as required by section 92E, the Assessing Officer may direct that such person
shall pay, by way of penalty, a sum of one hundred thousand rupees.]
8[271BB. Failure to subscribe to the eligible issue of capital.—Whoever fails to subscribe any
amount of subscription to the units issued under any scheme referred to in sub-section (1) of section
88A* to the eligible issue of capital under that sub-section within the period of six months specified
therein, may be directed by the 9[Joint Commissioner] to pay, by way of penalty, a sum equal to twenty
per cent of such amount.]
The Assessing Officer may, notwithstanding
anything contained in this Act other than the provisions of section 271AAB, direct that, in a case where
the income determined includes any income referred to in section 68, section 69, section 69A, section
69B, section 69C or section 69D for any previous year, the assessee shall pay by way of penalty, in
addition to tax payable under section 115BBE, a sum computed at the rate of ten per cent of the tax
payable under clause
of sub-section
of section 115BBE:
Provided that no penalty shall be levied in respect of income referred to in section 68, section 69,
section 69A, section 69B, section 69C or section 69D to the extent such income has been included by the
assessee in the return of income furnished under section 139 and the tax in accordance with the provisions
of clause
of sub-section
of section 115BBE has been paid on or before the end of the relevant
previous year.
No penalty under the provisions of section 270A shall be imposed upon the assessee in respect of
the income referred to in sub-section
The provisions of sections 274 and 275 shall, as far as may be, apply in relation to the penalty
referred to in this section.]
2[271B. Failure to get accounts audited.—If any person fails 3*** to get his accounts audited in
respect of any previous year or years relevant to an assessment year or 4[furnish a report of such audit as
required under section 44AB], the 5[Assessing Officer] may direct that such person shall pay, by way of
penalty, a sum equal to one-half per cent of the total sales, turnover or gross receipts, as the case may be,
in business, or of the gross receipts in profession, in such previous year or years or a sum of 6[one
hundred fifty thousand rupees], whichever is less.]
7[271BA. Penalty for failure to furnish report under section 92E.—If any person fails to furnish a
report from an accountant as required by section 92E, the Assessing Officer may direct that such person
shall pay, by way of penalty, a sum of one hundred thousand rupees.]
8[271BB. Failure to subscribe to the eligible issue of capital.—Whoever fails to subscribe any
amount of subscription to the units issued under any scheme referred to in sub-section
of section
88A* to the eligible issue of capital under that sub-section within the period of six months specified
therein, may be directed by the 9[Joint Commissioner] to pay, by way of penalty, a sum equal to twenty
per cent of such amount.]