What is Penalty for failure to furnish statements, etc? What is Penalty for failure to furnish information or furnishing inaccurate information under section 195? Section 271H and 271I of Income Tax Act 1961

Penalty for failure to furnish statements, etc and Penalty for failure to furnish information or furnishing inaccurate information under section 195 are defined under section 271H and 271I of Income Tax Act 1961. Provisions under these Sections are:

Section 271H of Income Tax Act "Penalty for failure to furnish statements, etc."

Section 271H. (1) Without prejudice to the provisions of the Act, 95[the Assessing Officer may direct that a person shall pay by way of] penalty, if, he-

(a) fails to deliver or cause to be delivered a statement within the time prescribed in sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C; or

(b) furnishes incorrect information in the statement which is required to be delivered or caused to be delivered under sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C.

2) The penalty referred to in sub-section (1) shall be a sum which shall not be less than ten thousand rupees but which may extend to one lakh rupees.

 

(3) Notwithstanding anything contained in the foregoing provisions of this section, no penalty shall be levied for the failure referred to in clause (a) of sub-section (1), if the person proves that after paying tax deducted or collected along with the fee and interest, if any, to the credit of the Central Government, he had delivered or cause to be delivered the statement referred to in sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C before the expiry of a period of one year from the time prescribed for delivering or causing to be delivered such statement.

(4) The provisions of this section shall apply to a statement referred to in sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C which is to be delivered or caused to be delivered for tax deducted at source or tax collected at source, as the case may be, on or after the 1st day of July, 2012.

 

Section 271I of Income Tax Act "Penalty for failure to furnish information or furnishing inaccurate information under section 195"

Section 271-I. If a person, who is required to furnish information under sub- section (6) of section 195, fails to furnish such information; or furnishes inaccurate information, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of one lakh rupees.]

Home     About Us     Privacy Policy     Disclaimer     Sitemap