What is Penalty for failure to furnish statement or information or document by an eligible investment fund? What is Penalty for failure to furnish return of fringe benefits? Section 271FAB and 271FB of Income Tax Act 1961

Penalty for failure to furnish statement or information or document by an eligible investment fund and Penalty for failure to furnish return of fringe benefits are defined under section 271FAB and 271FB of Income Tax Act 1961. Provisions under these Sections are:

Section 271FAB of Income Tax Act "Penalty for failure to furnish statement or information or document by an eligible investment fund"

Section 271FAB. If any eligible investment fund which is required to furnish a statement or any information or document, as required under sub-section (5) of section 9A fails to furnish such statement or information or document within the time prescribed under that sub-section, the income-tax authority prescribed under the said sub-section may direct that such fund shall pay, by way of penalty, a sum of five hundred thousand rupees.

 

Section 271FB of Income Tax Act "Penalty for failure to furnish return of fringe benefits"

Section 271FB. If an employer, who is required to furnish a return of fringe benefits, as required under sub-section (1) of section 115WD, fails to furnish such return within the time prescribed under that sub-section, the Assessing Officer may direct that such employer shall pay, by way of penalty, a sum of one hundred rupees for every day during which the failure continues.

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