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        Income Tax

        Section 271GB - Penalty for failure to furnish report or for furnishing inaccurate report under section 286.

        Income-tax Act, 1961
        Chapter XXI
        PENALTIES IMPOSABLE

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        Penalty for failure to furnish statutory report triggers escalating daily penalties and sanctions for inaccurate reporting. Reporting entities required to file reports under section 286 face daily penalties for failure to furnish reports or to produce requested information and documents within the prescribed period; enhanced daily penalties may be imposed if non-compliance continues after an order to pay; a fixed penalty applies where inaccurate information is furnished and the entity knew of the inaccuracy, fails to correct after discovery within the correction period, or furnishes inaccurate material in response to a production notice.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Penalty for failure to furnish statutory report triggers escalating daily penalties and sanctions for inaccurate reporting.

                              Reporting entities required to file reports under section 286 face daily penalties for failure to furnish reports or to produce requested information and documents within the prescribed period; enhanced daily penalties may be imposed if non-compliance continues after an order to pay; a fixed penalty applies where inaccurate information is furnished and the entity knew of the inaccuracy, fails to correct after discovery within the correction period, or furnishes inaccurate material in response to a production notice.


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