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Penalty for failure to furnish report or for furnishing inaccurate report under section 286.

Section 271GB - Act - PENALTIES IMPOSABLE - Income-tax Act, 1961 - Section 271GB - 1[ 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 respec .....

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which the failure continues, if the period of failure does not exceed one month; or (b) fifteen thousand rupees for every day for which the failure continues beyond the period of one month. (2) Where any reporting entity referred to in section 286 f .....

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hich 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 ha .....

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such entity shall pay, by way of penalty, a sum of fifty thousand rupees for every day for which such failure continues beginning from the date of service of such order. (4) Where a reporting entity referred to in section 286 provides inaccurate inf .....

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