If an employer who is required to furnish a return of fringe benefits as required under section 115WD(1), fails to furnish such return within the period prescribed in that section, then the Assessing Officer may direct the employer to pay, by way of penalty, a sum of rupees hundred for each day during which the failure continues.
| Section | Nature of default | Minimum penalty | Maximum penalty |
| (1) | (2) | (3) | (4) |
| 271FB | Failure to furnish return of fringe benefits | Rs. 100 for each day of default |
Reference:
Section 271FB, of the Income tax act, 1961-
Penalty for failure to furnish return of fringe benefits u/s 271FB
If an employer, who is required to furnish a return of fringe benefits, as required under sub-section (1) of section 115WD, fails to furnish such return within the time prescribed under that sub-section, the Assessing Officer may direct that such employer shall pay, by way of penalty, a sum of one hundred rupees for every day during which the failure continues.
Section 271BA: Penalty for failure to furnish report u/s 92E
If any person fails to furnish a report from the Chartered Accountant as required by section 92E, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of one hundred thousand rupees.
If any person who has entered into an international transaction [or specified domestic transaction] fails to furnish any such information or document as required by sub-section (3) of section 92D, the Assessing Officer or the Commissioner (Appeals) may direct that such person shall pay, by way of penalty, a sum equal to two per cent of the value of the international transaction [or specified domestic transaction] for each such failure.
Maintenance and keeping of information and document by persons entering into an international transaction [or specified domestic transaction] u/s 92D
(1) Every person who has entered into an international transaction [or specified domestic transaction] shall keep and maintain such information and document in respect thereof, as may be prescribed.
(2) Without prejudice to the provisions contained in sub-section (1), the Board may prescribe the period for which the information and document shall be kept and maintained under that sub-section.
(3) The Assessing Officer or the Commissioner (Appeals) may, in the course of any proceeding under this Act, require any person who has entered into an international transaction [or specified domestic transaction] to furnish any information or document in respect thereof, as may be prescribed under sub-section (1), within a period of thirty days from the date of receipt of a notice issued in this regard:
Provided that the Assessing Officer or the Commissioner (Appeals) may, on an application made by such person, extend the period of thirty days by a further period not exceeding thirty days.