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of <h1>Section 271GC: New Penalties for Late Statement Submission Under Section 285 of Income-tax Act Starting April 2025</h1> Clause 80 of the Finance (No. 2) Bill, 2024, introduces section 271GC to the Income-tax Act, effective April 1, 2025. This section imposes penalties on individuals who fail to submit the required statement under section 285 within the prescribed period. The penalty is set at one thousand rupees per day for failures not exceeding three months, and one lakh rupees for failures extending beyond this period. The Assessing Officer is authorized to enforce these penalties.
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