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of <h1>New Section 271H: Penalties for Late or Incorrect Tax Statements, Ranging from 10,000 to 1 Lakh</h1> Clause 98 of the Finance Bill, 2012, introduces section 271H to the Income-tax Act, effective from July 1, 2012. It imposes penalties on individuals who fail to submit required statements within the time limits specified in section 200(3) or section 206C(3) or provide incorrect information in these statements. The penalty ranges from a minimum of ten thousand rupees to a maximum of one lakh rupees. However, no penalty will be imposed if the individual proves that the statement was submitted within one year after paying the due tax, fee, and interest to the Central Government. This applies to statements regarding tax deducted or collected at source.
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