Section 75 - Insertion of new section 271-I- Penalty for failure to furnish information or furnishing inaccurate information under section 195 - Finance Act, 2015

Insertion of new section 271-I 75. After section 271H of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2015, namely:- Penalty for failure to furnish information or furnishing inaccurate information under section 195 271-I. If a person, who is required to furnish information under sub-section (6) of section 195, fails to furnish such information; or furnishes inaccurate information, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of one lakh rupees. .