Penalty for failure to furnish annual information return: daily monetary penalty may be directed until the required return is filed. A new provision effective April 1, 2005 authorises the prescribed income-tax authority to direct a person who fails to furnish the annual information return required under subsection (1) of section 285BA within the prescribed time to pay a penalty. The penalty is assessed as a daily sum for every day during which the failure to furnish the return continues, running from the end of the prescribed filing period until the return is filed.
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Provisions expressly mentioned in the judgment/order text.
Penalty for failure to furnish annual information return: daily monetary penalty may be directed until the required return is filed.
A new provision effective April 1, 2005 authorises the prescribed income-tax authority to direct a person who fails to furnish the annual information return required under subsection (1) of section 285BA within the prescribed time to pay a penalty. The penalty is assessed as a daily sum for every day during which the failure to furnish the return continues, running from the end of the prescribed filing period until the return is filed.
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