Section 75 - Insertion of new section 271-I- Penalty for failure to furnish information or furnishing inaccurate information under section 195

Penalty for failure to furnish information under section 195 introduces a monetary sanction for non compliance with reporting obligations.

Insertion of section 271-I establishes that if a person required to furnish information under sub-section (6) of section 195 fails to furnish such information or furnishes inaccurate information, the Assessing Officer may direct that such person shall pay, by way of penalty, a fixed monetary sum; the provision takes effect from the stated commencement date of the amendment.