Clause 71 - Insertion of new section 271FAB- Penalty for failure to furnish statement or information or document by an eligible investment fund. - Finance Bill, 2015

Insertion of new section 271FAB. 71. After section 271FAA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2016, namely:- Penalty for failure to furnish statement or information or document by an eligible investment fund. 271FAB. If any eligible investment fund which is required to furnish a statement or any information or document, as required under sub-section (5) of section 9A fails to furnish such statement or information or document within the time prescribed under that sub-section, the income-tax authority prescribed under the said sub-section may direct that such fund shall pay, by way of penalty, a sum of five hundred thousand rupees. .