Insertion of new section 271-I.
73. After section 271H of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2015, namely:-
Penalty for failure to furnish information or furnishing inaccurate information under section 195.
“271-I. If a person, who is required to furnish information under sub-section (6) of section 195, fails to furnish such information; or furnishes inaccurate information, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of one lakh rupees.”.
Notes on Clauses:
Clause 73 of the Bill seeks to insert a new section 271-I in the Income-tax Act relating to penalty for failure to furnish information or for furnishing inaccurate information under section 195.
It is proposed to insert a new section 271-I so as to provide that if a person, who is required to furnish information under subsection (6) of section 195, fails to furnish such information; or furnishes inaccurate information, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of one lakh rupees.
This amendment will take effect from 1st June, 2015.
