Penalty for failure to furnish information return: daily levy may be imposed by officer, subject to a statutory cap. Where a person required to furnish an information return under section 150 fails to do so within the period specified in the notice under sub section (3), ... Summary
Penalty for failure to furnish information return: daily levy may be imposed by officer, subject to a statutory cap.
Where a person required to furnish an information return under section 150 fails to do so within the period specified in the notice under sub section (3), the proper officer may direct that a daily penalty be paid for each day of continued failure, subject to an overall statutory maximum limit on the penalty.
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