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of <h1>New Section 271GC: Daily Penalties for Late Tax Statement Submission Under Section 285, Effective April 2025.</h1> Section 271GC is introduced in the Income-tax Act, effective April 1, 2025, imposing penalties for failing to submit a statement required under section 285. If a person fails to furnish the statement within the prescribed period, the Assessing Officer may impose a penalty of one thousand rupees per day for failures not exceeding three months. For failures exceeding this period, the penalty is one lakh rupees.
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