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TMI BlogPenalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc.X X X X Extracts X X X X X X X X Extracts X X X X ..... whom a summons is issued under sub-section (1) of section 131 either to attend to give evidence or produce books of account or other documents at a certain place and time omits to attend or produce books of account or documents at the 27[place or time; or] 28[(d) fails to comply with a notice under sub-section (1) of section 142 or sub-section (2) of section 143 or fails to comply with a direction issued under sub-section (2A) of section 142,] he shall pay, by way of penalty, 3[a sum of ten thousand rupees] for each such default or failure. (2) If any person fails- (a) to comply with a notice issued under sub-section (6) of section 94; or (b) to give the notice of discontinuance of his business or profession as required by sub-sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 200 or sub-section (3A) of section 206C,] he shall pay, by way of penalty, a sum 12[of 30[five hundred rupees]] for every day during which the failure continues: 13[Provided that the amount of penalty for failures in relation to 14[a declaration mentioned in section 197A, a certificate as required by section 203 and] returns under sections 206 and 206C 15[and 26[statements under sub-section (2A) or sub-section (3) of section 200 or the proviso to sub-section (3) or under sub-section (3A) of section 206C]] shall not exceed the amount of tax deductible or collectible, as the case may be.] 23[Provided further that no penalty shall be levied under this section for the failure referred to in clause (k), if such failure relates to a s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... [or Deputy Director]while exercising the powers vested in a court under the Code of Civil Procedure, 1908 (5 of 1908), when trying a suit in respect of the matters specified in sub-section (1) of section 131.] ----------------------------------------- Notes :- 1. Substituted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Prior to its substitution, section 272A was inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976 and later on amended by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978, Finance Act, 1982, w.e.f. 1-6-1982, Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986 and the Finance Act, 1987, w.e.f. 1-6-1987. 2. Omitted by the Finance Act, 2002, w.e.f. 1-6-2002. Prior ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y" by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. 17. Substituted for "Deputy" by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. 18. Substituted for "Deputy" by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. 19. Substituted for "Deputy" by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. 20. Substituted for "Deputy" by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. 21. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. 22. Substituted vide Finance (No.2) Act, 2009, w.e.f. 1-10-2009, before it was read as, "quarterly return" 23. Inserted vide Finance Act, 2012, w.e.f. 01-07-2012. 24. Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of June, 2013. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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