Penalty for failure to furnish information return imposes a daily fine subject to a statutory cap after notice section 150 Where a person required to furnish an information return under the governing provision fails to do so within the period specified in the notice issued under subsection (3), the proper officer may direct that the person shall be liable to pay a penalty on a per day basis; the statute specifies the daily penalty amount and provides that the total penalty shall not exceed a prescribed maximum cap.
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 information return imposes a daily fine subject to a statutory cap after notice section 150
Where a person required to furnish an information return under the governing provision fails to do so within the period specified in the notice issued under subsection (3), the proper officer may direct that the person shall be liable to pay a penalty on a per day basis; the statute specifies the daily penalty amount and provides that the total penalty shall not exceed a prescribed maximum cap.
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