Penalty for failure to furnish information return: daily penalty applies until compliance, subject to a statutory ceiling. A person required to furnish an information return under section 150 who fails to do so within the period specified in the notice may be directed by the ... Summary
Penalty for failure to furnish information return: daily penalty applies until compliance, subject to a statutory ceiling.
A person required to furnish an information return under section 150 who fails to do so within the period specified in the notice may be directed by the proper officer to pay a penalty of one hundred rupees for each day of the period during which the failure continues, subject to a maximum penalty not exceeding five thousand rupees.
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