Penalty for failure to furnish information return imposes daily fines for continued default, subject to a statutory cap after notice. A person required to furnish an information return under section 150 who fails to comply within the period specified in the notice may be directed by the ... Summary
Penalty for failure to furnish information return imposes daily fines for continued default, subject to a statutory cap after notice.
A person required to furnish an information return under section 150 who fails to comply within the period specified in the notice may be directed by the proper officer to pay a penalty calculated on a daily basis for the duration of the default, subject to an overall statutory maximum cap on the aggregate penalty.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.