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Insertion of new section 271GB.

Section 104 - Acts - DIRECT TAXES - FINANCE ACT, 2016 - Section 104 - 104. 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 f .....

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to do so, the authority prescribed under that section (herein referred to as prescribed authority) may direct that such entity shall pay, by way of penalty, a sum of,- (a) five thousand rupees for every day for which the failure continues, if the pe .....

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uments 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 f .....

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it to pay the penalty under sub-section (1) or, as the case may be, under sub-section (2), then, notwithstanding anything contained in sub-section (1) or sub-section (2), the prescribed authority may direct that such entity shall pay, by way of penal .....

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