Section 54 - Insertion of new section 271F - Finance Act, 1997

54. Insertion of new section 271F After section 271E of the Income-tax Act, the following section shall be inserted, namely :- 271F. Penalty for failure to furnish return of income. If 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 hundred rupees.