What is Penalty for failure to comply with the provisions of section 269T? What is Penalty for failure to furnish return of income? Section 271E and 271F of Income Tax Act 1961

Penalty for failure to comply with the provisions of section 269T and Penalty for failure to furnish return of income are defined under section 271E and 271F of Income Tax Act 1961. Provisions under these Sections are:

Section 271E of Income Tax Act "Penalty for failure to comply with the provisions of section 269T"

Section 271E. (1) If a person repays any loan or deposit 88[or specified advance] referred to in section 269T otherwise than in accordance with the provisions of that section, he shall be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit 88[or specified advance] so repaid.
(2) Any penalty imposable under sub-section (1) shall be imposed by the Joint Commissioner.

 

Section 271F of Income Tax Act "Penalty for failure to furnish return of income"

Section 271F. If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees.

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