Furnishing obligation for liaison offices: late filing draws daily penalty with a capped alternative and reasonable cause defence.

Non-resident liaison offices must furnish an annual statement of activities within a period to be prescribed by Rules. Failure to furnish will attract a penalty of one thousand rupees per day where the default does not exceed three months, and one lakh rupees otherwise, subject to relief if the assessee proves reasonable cause; the amendment is prospective and adjusts penalty provisions in the compliance framework.

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