Penalty for failure to furnish information return continues daily until compliance, subject to a statutory maximum cap. Penalty applies when a person required to furnish an information return under section 150 fails to do so within the period specified in the notice issued ... Summary
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Penalty for failure to furnish information return continues daily until compliance, subject to a statutory maximum cap.
Penalty applies when a person required to furnish an information return under section 150 fails to do so within the period specified in the notice issued under sub-section (3). The proper officer may direct a penalty of one hundred rupees for each day the failure continues, subject to a maximum of five thousand rupees.
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