Penalty provision amendment: substitution of 'quarterly return' with 'statements' aligns reporting obligations for interest payments. Amendment substitutes 'statements' for 'quarterly return' in section 272A(2)(l), effective 1 October 2009, to align the penalty provision with the requirement that specified payers prepare and deliver prescribed statements of interest payments in prescribed form, verified and submitted to the designated income-tax authority on computer-readable media, and to permit the Central Government to require other payers to deliver such statements.
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Penalty provision amendment: substitution of 'quarterly return' with 'statements' aligns reporting obligations for interest payments.
Amendment substitutes "statements" for "quarterly return" in section 272A(2)(l), effective 1 October 2009, to align the penalty provision with the requirement that specified payers prepare and deliver prescribed statements of interest payments in prescribed form, verified and submitted to the designated income-tax authority on computer-readable media, and to permit the Central Government to require other payers to deliver such statements.
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