Substitution of new section for section 271FA-Penalty for failure to furnish annual information return

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....amely:--  Penalty for failure to furnish annual information return            "271FA. If a person who is required to furnish an annual information return under sub-section      (1) of section 285BA, fails to furnish such return within the time prescribed under sub-section (2) thereof, the income-tax authority presc....

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....on 271FA provides that if a person who is required to furnish an annual information return, as required under sub-section (1) of section 285BA, fails to furnish such return within the time prescribed under that subsection, the income-tax authority prescribed under the said subsection may direct that such person shall pay, by way of penalty, a sum of one hundred rupees for every day during which th....