Penalty for failure to furnish information return imposes daily fines for continued non compliance, subject to a statutory overall cap. Where a person required to furnish an information return under section 150 fails to comply within the period specified in the notice under sub section ... Summary
Penalty for failure to furnish information return imposes daily fines for continued non compliance, subject to a statutory overall cap.
Where a person required to furnish an information return under section 150 fails to comply within the period specified in the notice under sub section (3), the proper officer may direct that the person pay a daily penalty for each day the failure continues, subject to a statutory maximum aggregate cap on the penalty.
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