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Insertion of new section 271GB.

Section 104 - Act - DIRECT TAXES - Finance Act - 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 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 accounting year, fails to do .....

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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 entity, directing it to p .....

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