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of <h1>Finance Bill 2014: Sections 15A & 15B Introduce Obligations and Penalties for Information Returns to Boost Tax Compliance.</h1> Clause 90 of the Finance (No. 2) Bill, 2014 introduces sections 15A and 15B to the Central Excise Act. Section 15A mandates various entities, including tax authorities, local bodies, banks, and registrars, to submit information returns detailing transactions related to taxes, goods, services, and property. If the submitted information is defective, entities have 30 days to rectify it. Section 15B imposes a penalty of 100 rupees per day for failure to submit the required information within the prescribed time. This aims to enhance tax compliance and facilitate the identification of tax evaders.
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