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of <h1>Penalty for Not Submitting Annual Information Return Under Section 271FA: 100 Daily Fine for Late Filing</h1> Section 271FA, introduced by the Finance (No. 2) Act, 2004, mandates a penalty for failing to submit an annual information return as required under section 285BA(1) of the Income-tax Act. Effective from April 1, 2005, the provision allows the designated income-tax authority to impose a penalty of one hundred rupees for each day the return is not furnished within the prescribed time.
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