Section 271I - Penalty for failure to furnish information or furnishing inaccurate information under section 195 - Income-tax Act, 1961

1 [ 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.] ---------------- Notes:- 1. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of June, 2015