Penalty for failure to furnish information return Section 123 & Fine for failure to furnish statistics Section 124

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..... r obligations of the taxable person(s) to furnish information/return. if a person who is required to furnish an information return under section 150, fails to do so within the period specified in the notice issued thereof, the proper officer may direct that such person shall be liable to pay a penalty of one hundred rupees for each day of the period during which the failure to furnish .....

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..... usand rupees and in case of a continuing offence to a further fine which may extend to one hundred rupees for each day after the first day during which the offence continues subject to a maximum limit of twenty-five thousand rupees - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Management India - taxmanagementindia - taxmanagement - taxm .....

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