Section 18 - Insertion of new section 285A - Direct Taxes (Amendment) Act, 1964

18. Insertion of new section 285A. After section 285 of the Income-tax Act, the following section shall be inserted, namely: 285A. Information by contractors in certain cases.- (1) Where any person (hereinafter referred to as the contractor) enters into a contract for the construction of a building for, or the supply of goods or services in connection therewith to, any other person, the value of which exceeds fifty thousand rupees, he shall, within one month of the making of the contract, furnish to the Income-tax Officer having jurisdiction to assess the contractor such particulars relating to the contract and in such form as may be prescribed. (2) Without prejudice to the provisions of any other law for the time being in force, where any contractor contravenes the provisions of sub-section (2), the Commissioner may impose upon him such fine not exceeding fifty rupees as he thinks fit for every day during which the contravention continues, so, however, that the amount of fine so imposed shall not, in the aggregate, exceed twenty-five per cent. of the value of the contract. (3) The Commissioner shall, on making an order under this section imposing a fine, forthwith send a copy of the same to the Income-tax Officer. .