Penalty for failure to submit statement imposes daily sanction and fixed cap for extended non-compliance under new provision. A new provision authorises the Assessing Officer to direct payment of a penalty where a person required to furnish the statement under section 285 fails to do so within the prescribed period, prescribing a daily penalty for failures not exceeding three months and a fixed penalty for any other case, effective from the 1st day of April, 2025.