Clause 80 - Insertion of new section 271GC. - Finance (No. 2) Bill, 2024

Insertion of new section 271GC. 80. After section 271GB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2025, namely: Penalty for failure to submit statement under section 285. 271GC. If any person who is required to furnish statement under section 285, fails to do so within the period prescribed under that section, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of (a) one thousand rupees for every day for which the failure continues, if the period of failure does not exceed three months; or (b) one lakh rupees in any other case. .