India - Income Tax Act 2010 - Saarc

1.913 CH. XXI - PENALTIES IMPOSABLE S. 27280[Penalty for failure to furnish return of income.271F. If a person who is required to furnish a return of his income, as requiredunder sub-section (1) of section 139 or by the provisos to that sub-section,fails to furnish such return before the end of the relevant assessment year, theAssessing Officer may direct that such person shall pay, by way of penalty, a sumof five thousand rupees.]81[Penalty for failure to furnish annual information return.271FA. If a person who is required to furnish an annual information return, asrequired under sub-section (1) of section 285BA, fails to furnish suchreturn within the time prescribed under that sub-section, the income-tax authorityprescribed under the said sub-section may direct that such person shall pay,by way of penalty, a sum of one hundred rupees for every day during which thefailure continues.]82[Penalty for failure to furnish return of fringe benefits.271FB. If an employer, who is required to furnish a return of fringe benefits, asrequired under sub-section (1) of section 115WD, fails to furnish suchreturn within the time prescribed under that sub-section, the Assessing Officermay direct that such employer shall pay, by way of penalty, a sum of one hundredrupees for every day during which the failure continues.]83[Penalty for failure to furnish information or document under section 92D.271G. If any person who has entered into an international transaction fails tofurnish any such information or document as required by sub-section (3)of section 92D, the Assessing Officer or the Commissioner (Appeals) may directthat such person shall pay, by way of penalty, a sum equal to two per cent of thevalue of the international transaction for each such failure.]Failure to give notice of discontinuance.272. [Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.]80. Substituted by the Finance Act, 2002, w.e.f. 1-6-2002. Prior to its substitution, section 271F,as inserted by the Finance Act, 1997, w.e.f. 1-4-1997, substituted by the Finance (No. 2) Act,1998, w.e.f. 1-4-1999 and later on amended by the Finance Act, 2001, w.e.f. 1-6-2001, readas under :“271F. Penalty for failure to furnish return of income.—If a person who is required tofurnish a return of his income, as required under sub-section (1) of section 139, fails tofurnish such return before the end of the relevant assessment year, he shall be liable topay, by way of penalty, a sum of five thousand rupees :Provided that a person who is required to furnish a return of his income, as required bythe proviso to sub-section (1) of section 139, fails to furnish such return on or before thedue date, he shall be liable to pay, by way of penalty, a sum of five thousand rupees.”81. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005.82. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006.83. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002.