Penalty for failure to furnish information imposes monetary sanction on eligible investment funds for prescribed non-compliance. Insertion of section 271FAB authorises the prescribed income-tax authority to direct that an eligible investment fund failing to furnish a required ... Summary
Penalty for failure to furnish information imposes monetary sanction on eligible investment funds for prescribed non-compliance.
Insertion of section 271FAB authorises the prescribed income-tax authority to direct that an eligible investment fund failing to furnish a required statement, information or document within the prescribed time shall pay a monetary penalty, thereby creating an enforcement mechanism to secure timely statutory disclosures by such funds.
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