Section 271D → Section 351
Penalty for failure to comply with the provisions of section 269SS
Quick Answer
Section 271D of the Income Tax Act, 1961 (Penalty for failure to comply with the provisions of section 269SS) corresponds to Section 351 of the Direct Tax Code 2025 (Income-tax Act, 2025), effective 1st April 2026. Status: Retained.
Sec 271D
Provision Summary
Penalty equal to the amount of loan or deposit accepted in cash (in violation of 269SS).
Sec 351
Provision Summary
Retained. 100% punitive penalty.
Key Changes & Highlights
- Automatically proposed by the system if the tax audit report flags a 269SS violation.
Related Sections
Frequently Asked Questions
What does Section 271D of the Income Tax Act 1961 deal with?
Section 271D (Penalty for failure to comply with the provisions of section 269SS) Penalty equal to the amount of loan or deposit accepted in cash (in violation of 269SS).
What is the new section number for Section 271D under the Direct Tax Code 2025?
Section 271D of the ITA 1961 maps to Section 351 of the Direct Tax Code 2025 (Income-tax Act, 2025), effective from 1st April 2026.
What is the status of Section 271D under the new tax code?
Section 271D is marked as "Retained" with status "Active". Impact: Critical - Destroys the financial viability of cash loans.
What are the key changes to Section 271D under DTC 2025?
Automatically proposed by the system if the tax audit report flags a 269SS violation.
Disclaimer: This page is for educational and reference purposes only. Section mappings are based on publicly available drafts and circulars. Always consult a qualified Chartered Accountant before filing or making compliance decisions under the Direct Tax Code 2025.
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