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of <h1>Section 285BA: Daily penalties of Rs.100 then Rs.500 per day for failure to file annual information return</h1> From 1 April 2014 a substituted provision imposes daily penalties for failure to file the annual information return required under section 285BA: the competent income-tax authority may levy Rs.100 per day for each day the failure continues, and if the return remains unfurnished after the period specified in a notice under section 285BA(5), the penalty increases to Rs.500 per day from the day immediately following expiration of the notice period.
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