Penalty under section 271FA increases when post notice noncompliance occurs, further escalating per day sanctions for default. Under section 271FA a daily penalty is imposed for failure to furnish the prescribed statement: Rs. 500 per day of default initially; if a notice directs ... Summary
Penalty under section 271FA increases when post notice noncompliance occurs, further escalating per day sanctions for default.
Under section 271FA a daily penalty is imposed for failure to furnish the prescribed statement: Rs. 500 per day of default initially; if a notice directs filing within up to 30 days and the statement remains unfiled after that period, a penalty of Rs. 1,000 per day is leviable from the day after the notice period expires.
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