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of <h1>Section 271H: Penalties for Failing to Deliver or Incorrectly Filing Tax Statements, with Relief for Timely Rectification.</h1> Section 271H of the Income Tax Act, introduced by the Finance Act, 2012, effective July 1, 2012, imposes penalties for failing to deliver required statements or providing incorrect information in such statements under specific sections of the Act. The penalty ranges from a minimum of ten thousand rupees to a maximum of one lakh rupees. However, no penalty is imposed if the person rectifies the failure by delivering the statement within one year after paying the applicable tax, fee, and interest to the Central Government. This applies to statements related to tax deducted or collected at source.
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