Section 271GC - Penalty for failure to submit statement under section 285 - Income-tax Act, 1961

1 [ 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. ] **************** NOTES:- 1. Inserted vide Section 80 of the Finance (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-04-2025