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of <h1>Taxpayer institutions face Rs. 200 daily penalty for delayed submission of prescribed statements under Section 234G</h1> A taxpayer institution engaged in scientific research or charitable activities that fails to timely furnish prescribed statements or certificates must pay a daily fee of Rs. 200 for each day of default. The total fee cannot exceed the amount related to the failure, and payment is required before submitting delayed documents. This provision in the Income Tax Bill 2025 mirrors Section 234G of the current Income-tax Act 1961, maintaining the same fee structure while updating cross-references to align with the new legislative framework's reorganized sections.
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