Chapter XII-DASPECIAL PROVISIONS RELATING TO TAX ON DISTRIBUTED INCOME OF DOMESTIC COMPANY FOR BUY-BACK OF SHARES (From Section 115QA to Section 115QC )
Part CProcedure for filing of return in respect of fringe benefits, assessment and payment of tax in respect thereof (From Section 115WD to Section 115WM )
Chapter XX-BREQUIREMENT AS TO MODE OF ACCEPTANCE, PAYMENT OR REPAYMENT IN CERTAIN CASES TO COUNTERACT EVASION OF TAX (From Section 269SS to Section 269TT )
Penalty for failure to furnish statement under section 285: officer may impose escalating penalties for continued non-compliance. Where a person required to furnish a statement under section 285 fails to do so within the prescribed period, the Assessing Officer may direct imposition ... Summary
Penalty for failure to furnish statement under section 285: officer may impose escalating penalties for continued non-compliance.
Where a person required to furnish a statement under section 285 fails to do so within the prescribed period, the Assessing Officer may direct imposition of a penalty. The statute provides a structured two-tier penalty: a continuing daily penalty for the period of failure up to a specified short-term duration, and a higher fixed penalty in other cases; the provision was inserted by the Finance Act (No. 2), 2024.
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