Budget 13-14 annual information return penalty

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 March 2013 From the following which statement is correct as per new amendment.
Penalty of Rs.5000/-under section 271FA for non filing of AIR
OR
A sum of one hundred rupees for every day during which the failure continues (fails to furnish such return within the time prescribed)

And further proposed
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.

Amol S Joglekar

Amol S Joglekar (Expert)
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01 March 2013 The proposed changes are HARSH. It looks that slowly but steadily, Income Tax department wants to keep only 139(1)

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