Penalty for failure to furnish prescribed statements imposes fines on specified research, educational and charitable institutions for non-delivery. Section 271K creates a penalty mechanism empowering the Assessing Officer to direct payment of a monetary penalty where specified research associations, ... Summary
Penalty for failure to furnish prescribed statements imposes fines on specified research, educational and charitable institutions for non-delivery.
Section 271K creates a penalty mechanism empowering the Assessing Officer to direct payment of a monetary penalty where specified research associations, universities, colleges, institutions, companies, or funds fail to deliver prescribed statements or furnish required certificates under the relevant clauses of sections 35 and 80G, imposing a defined minimum and maximum sanction for such non-compliance.
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