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Insertion of new section 271GB- Penalty for failure to furnish report or for furnishing inaccurate report under section 286

Clause 102 - Bills - DIRECT TAXES - Bill - Clause 102 - Insertion of new section 271GB. 102. After section 271GA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017,- Penalty for failure to furnish report or for furnishing inaccurate report under section 286. 271GB. (1) If any reporting entity referred to in section 286, which is required to furnish the report referred to in sub-section (2) of the said section, in respect of a reporting acco .....

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nformation and documents within the period allowed under sub-section (6) of the said section, the prescribed authority may direct that such entity shall pay, by way of penalty, a sum of five thousand rupees for every day during which the failure continues, beginning from the day immediately following the day on which the period for furnishing the information and document expires. (3) If the failure referred to in sub-section (1) or sub-section (2) continues after an order has been served on the .....

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t furnished in accordance with sub-section (2) of the said section and where- (a) the entity has knowledge of the inaccuracy at the time of furnishing the report but fails to inform the prescribed authority; or (b) the entity discovers the inaccuracy after the report is furnished and fails to inform the prescribed authority and furnish correct report within a period of fifteen days of such discovery; or (c) the entity furnishes inaccurate information or document in response to the notice issued .....

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section then, the prescribed authority may direct such entity to pay by way of penalty a sum of five thousand rupees for every day for which the failure continues if the period of failure does not exceed one month and fifteen thousand rupees for every day for which failure continues beyond the period of one month. It is further provided that where any reporting entity fails to produce the information and documents within the period allowed under sub-section (6) of section 286, the prescribed aut .....

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