https://www.taxtmi.com/acts?id=43905 Where a person required to furnish a statement under section 285 fails to do so within the prescribed period, the Assessing Officer may direct imposition of a penalty. The statute provides a structured two-tier penalty: a continuing daily penalty for the period of failure up to a specified short-term duration, and a higher fixed penalty in other cases; the provision was inserted by the Finance Act (No. 2), 2024. en-us Tue, 20 Aug 2024 17:20:29 +0530 Thu, 07 Aug 2025 16:37:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=43905 Where a person required to furnish a statement under section 285 fails to do so within the prescribed period, the Assessing Officer may direct imposition of a penalty. The statute provides a structured two-tier penalty: a continuing daily penalty for the period of failure up to a specified short-term duration, and a higher fixed penalty in other cases; the provision was inserted by the Finance Act (No. 2), 2024. Act-Rules Income Tax Tue, 20 Aug 2024 17:20:29 +0530 https://www.taxtmi.com/acts?id=43905