Section 55 - Insertion of new section 271FA - Finance (No. 2) Act, 2004

55. Insertion of new section 271FA.- After section 271F of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2005, namely:- "271FA. Penalty for failure to furnish annual information return.-If a person who is required to furnish an annual information return, as required under sub-section (1) of section 285BA, fails to furnish such return within the time prescribed under that sub-section, the income-tax authority prescribed under the said sub-section may direct that such person shall pay, by way of penalty, a sum of one hundred rupees for every day during which the failure continues.".