Submission of statement by a non-resident having liaison office [ Section 285 & Section 271GC ] - Income Tax - Ready Reckoner - Income Tax

Submission of statement by a non-resident having liaison office [ Section 285 ] Every person, being a non-resident having a liaison office in India set up in accordance with the guidelines issued by the Reserve Bank of India under the Foreign Exchange Management Act, 1999, shall, in respect of its activities in a financial year, prepare and deliver or cause to be delivered to the Assessing Officer having jurisdiction, sixty days from the end of such financial year, a statement such period, a statement [subsititued by Finance (No. 2) Act, 2024 w.e.f. 01.04.2025 ] in such form and containing such particulars as may be prescribed Furnishing of Annual Statement by a non-resident having Liaison Office in India [ Rule 114DA ] (1) The annual statement as provided under section 285 for every financial year, shall be furnished in Form No. 49C . (2) The annual statement [ Form 49C ] shall be duly verified by the Chartered Accountant or the person authorised in this behalf by the non-resident person, who shall be known as the Authorised Signatory. (3) The annual statement [ Form 49C ] snail be furnished in electronic form along with digital signature. (4) The Director General of Income-tax (Systems) shall specify the procedure for filing of annual statement [ Form 49C ] and shall also be responsible for formulating and implementing appropriate security, archival and retrieval policies in relation to statements so furnished. Penalty for failure to submit statement under section 285 [ Section 271GC ] [ Inserted vide Finance (No. 2) Act, 2024 w.e.f. 01.04.2025 ] 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.