Penalty for failure to furnish information return Section 123 & Fine for failure to furnish statistics [ Section 124 ]

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..... taxable person(s) to furnish information/return. if a person who is required to furnish an information return under section 150, fails to do so within the period specified in the notice issued thereof, the proper officer may direct that such person shall be liable to pay a penalty of ₹ 100/- for each day of the period during which the failure to furnish such return continues. The penalty im .....

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