Section 271F - Penalty for failure to furnish return of income - Income-tax Act, 1961

1 [Penalty for failure to furnish return of income. 271F. If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees.] 2 [ Provided that nothing contained in this section shall apply to and in relation to the return of income required to be furnished for any assessment year commencing on or after the 1st day of April, 2018. ] ------------------------- Notes :- 1. Substituted by the Finance Act, 2002, w.e.f. 1-6-2002. Prior to its substitution, section 271F, as inserted by the Finance Act, 1997, w.e.f. 1-4-1997, substituted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999 and later on amended by the Finance Act, 2001, w.e.f. 1-6-2001, read as under : 271F. Penalty for failure to furnish return of income .- If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139, fails to furnish such return before the end of the relevant assessment year, he shall be liable to pay, by way of penalty, a sum of five thousand rupees : Provided that a person who is required to furnish a return of his income, as required by the proviso to sub-section (1) of section 139, fails to furnish such return on or before the due date, he shall be liable to pay, by way of penalty, a sum of five thousand rupees. 2. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018