Penalty for failure to furnish return
115. Where an assessee fails to furnish the return within the time prescribed under sub-section (1) or sub-section (2) of section 110, he shall be liable to pay, by way of penalty, a sum of one hundred rupees for each day during which the failure continues.
Notes on Clauses:
Clause 115 of the Bill provides for penalty for failure to furnish return under clause 110. The penalty in such cases will be one hundred rupees for every day during which the failure continues.
