Clause 48 - Substitution of new section for section 271FA-Penalty for failure to furnish annual information return - Finance Bill, 2013

Substitution of new section for section 271FA 48. For section 271FA of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2014, namely: Penalty for failure to furnish annual information return 271FA. If a person who is required to furnish an annual information return under sub-section (1) of section 285BA, fails to furnish such return within the time prescribed under sub-section (2) thereof, the income-tax authority prescribed under said sub-section (1) may direct that such person shall pay, by way of penalty, a sum of one hundred rupees for every day during which such failure continues: Provided that where such person fails to furnish the return within the period specified in the notice issued under sub-section (5) of section 285BA, he shall pay, by way of penalty, a sum of five hundred rupees for every day during which the failure continues, beginning from the day immediately following the day on which the time specified in such notice for furnishing the return expires. .