Section 61 - Substitution of new section for section 271F - Finance (No. 2) Act, 1998

61. Substitution of new section for section 271F For section 271F of the Income-tax Act, the following section shall be substituted wit effect from the 1st day of April, 1999, 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 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 one 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 hundred rupees .