Penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections section 272A (2)
If any person commits a default specified in the table below, penalty may be imposed on him. Such person is liable to penalty @ Rs 100 for every day during which the failure continues. However, penalty shall not exceed the amount of tax deductible or collectible in case of failure to deliver or pay declaration u/s. 197A, furnish a certificate u/s. 203 or annual return of TDS/TCS u/s. 206 and 206C.
| Section | Nature of default | Minimum penalty | Maximum penalty |
| (1) | (2) | (3) | (4) |
| 272A(2) | Failure to: (a) comply with a notice issued under section 94(6); (b) to give notice of discontinuance of business/profession under section 176(3); (c) furnish returns / statement mentioned in section 133,206,206C or 285B; (d) to allow inspection of register referred to in section 134 (or of any entry in such register or to allow copies of such register to be taken); (e) to furnish return of income under section 139(4A) or 139(4C) or to deliver in due time a declaration mentioned in section 197A; (f) to furnish a certificate as required in section 203 or 206C; ()g) to deduct and pay tax under section 226; (h) to furnish a statement under section 192(2C) ; (i) to deliver a copy of declaration referred to in section 206C(1A); (j) to deliver within time a statement referred to in section 200(3) or 206C(3) or (k) to deliver quarterly return under section 206A(1) | Rs. 100 for every day during which default continues | Rs.100 (Rs. 200 up to May 31,1999) for every day during which default continues. However, penalty shall not exceed the amount of tax deductible or collectible in case of failure to deliver or pay declaration u/s. 197A, furnish a certificate u/s. 203 or annual return of tds/tcs u/s. 206 and 206C. |
Reference: Section 272A (2) of Income tax act, 1961
Penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc. under sec 272A(2)
If any person fails—
(a) to comply with a notice issued under sub-section (6) of section 94; or
(b) to give the notice of discontinuance of his business or profession as required by sub-section (3) of section 176; or
(c) to furnish in due time any of the returns, statements or particulars mentioned in section 133 or section 206 [or section 206C] or section 285B; or
(d) to allow inspection of any register referred to in section 134 or of any entry in such register or to allow copies of such register or of any entry therein to be taken; or
(e) to furnish the return of income which he is required to furnish under sub-section (4A) or sub-section (4C) of section 139 or to furnish it within the time allowed and in the manner required under those sub-sections; or
(f) to deliver or cause to be delivered in due time a copy of the declaration mentioned in section 197A; or
(g) to furnish a certificate as required by section 203 [or section 206C]; or
(h) to deduct and pay tax as required by sub-section (2) of section 226;
(i) to furnish a statement as required by sub-section (2C) of section 192;
(j) to deliver or cause to be delivered in due time a copy of the declaration referred to in sub-section (1A) of section 206C;
(k) to deliver or cause to be delivered a copy of the statement within the time specified in sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C;
(l) to deliver or cause to be delivered the [statements] within the time specified in sub-section (1) of section 206A,
he shall pay, by way of penalty, a sum [of one hundred rupees] for every day during which the failure continues:
[Provided that the amount of penalty for failures in relation to [a declaration mentioned in section 197A, a certificate as required by section 203 and] returns under sections 206 and 206C [and statements under sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C] shall not exceed the amount of tax deductible or collectible, as the case may be:]
[Provided further that no penalty shall be levied under this section for the failure referred to in clause (k), if such failure relates to a statement referred to in sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C which is to be delivered or caused to be delivered for tax deducted at source or tax collected at source, as the case may be, on or after the 1st day of July, 2012.]