If a person who is required to furnish annual information return under section 285BA fails to furnish such return within the time prescribed, then income tax authority may direct the person to pay by way of penalty, a sum of Rupees One hundred for every day during which such failure continues.
However, if the person fails to furnish the annual information return within the time specified in the notice issued to the Person under section 285BA(5), then he shall be liable to pay penalty upto five hundred rupees for every day during which the failure continues, beginning from the day immediately following the day on which the time specified in the notice or furnishing the return expires.
| Section | Nature of default | Minimum penalty | Maximum penalty |
| (1) | (2) | (3) | (4) |
| 271FA | Failure to furnish annual information return [applicable from April 1, 2005] | Rs. 100 for each day of default | Rs. 100 for each day of default |
Reference:
Section 271FA, of the Income tax act, 1961-
Penalty for failure to furnish annual information return
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 prescribed under said sub-section (1) may direct that such person shall pay, by way of penalty, a sum of one hundred rupees for every day during which such failure continues:
Provided that where such person fails to furnish the return within the period specified in the notice issued under sub-section (5) of section 285BA, he shall pay, by way of penalty, a sum of five hundred rupees for every day during which the failure continues, beginning from the day immediately following the day on which the time specified in such notice for furnishing the return expires.
Up to Rs.10,000 (Rs. 5,000 up to May 31,2001)
Up to Rs.10,000 (Rs. 5,000 up to May 31,2001)
Reference:
Section 272BB(1), 203A of Income tax act, 1961-
Penalty for failure to comply with the provisions of section 203A.
(1) If a person fails to comply with the provisions of section 203A, he shall, on an order passed by the [Assessing] Officer, pay, by way of penalty, [a sum of ten thousand rupees].
(1A) If a person who is required to quote his “tax deduction account number” or, as the case may be, “tax collection account number” or “tax deduction and collection account number” in the challans or certificates or statements or other documents referred to in sub-section (2) of section 203A, quotes a number which is false, and which he either knows or believes to be false or does not believe to be true, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of ten thousand rupees.
(2) No order under sub-section (1) [or sub-section (1A) shall be passed unless the person on whom the penalty is proposed to imposed is given an opportunity of being heard in the matter. n an opportunity of being heard in the matter.