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of <h1>New Section 271GB Imposes Penalties for Non-Compliance in Reporting Under Section 286 of Income-tax Act</h1> Clause 102 of the Finance Bill, 2016 introduces section 271GB to the Income-tax Act, imposing penalties on reporting entities for failing to furnish or providing inaccurate reports under section 286. Penalties include a daily fine of five thousand rupees for failures not exceeding one month and fifteen thousand rupees for longer delays. Continued non-compliance after a penalty order incurs a fifty thousand rupee daily fine. Inaccurate reporting, if known or undisclosed within fifteen days of discovery, results in a five lakh rupee penalty. These provisions are effective from April 1, 2017, applicable to the 2017-2018 assessment year onwards.
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