Information-return and recordkeeping defaults attract distinct per-failure or continuing daily penalties under the information technology framework. Where a person does not file a prescribed return or furnish required information, books or other documents within the time specified by regulations, ... Summary
Information-return and recordkeeping defaults attract distinct per-failure or continuing daily penalties under the information technology framework.
Where a person does not file a prescribed return or furnish required information, books or other documents within the time specified by regulations, liability may extend to a daily penalty not exceeding five thousand rupees for as long as the failure continues. Failure to maintain mandated books of account or records attracts a separate daily penalty not exceeding ten thousand rupees during the continuing default.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.