Quick Summary
Amendment in the provisions of section 272A of the Act 1. Section 272A of the Act provides for penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections etc. At present, the amount of penalty for failures listed under sub-section (2) of section 272A is one hundred rupees for every day during which the failure continues. 2. Section 272A ensures compliance with various obligations under the Income- tax Act by penalising non-co
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FAQ :
Section 272A of the Act outlines penalties for failing to answer questions, sign statements, furnish information, returns, or statements, and for not allowing inspections.
The penalty for failures listed under sub-section (2) of Section 272A was previously one hundred rupees for every day during which the failure continued.
The penalty for failures listed under sub-section (2) of Section 272A has been increased to five hundred rupees per day.
This amendment will take effect from 1st April, 2022.
The penalty was increased because the previous amount of one hundred rupees was considered too low, lacked adequate deterrence, and had not been updated since the section was introduced in 1999.
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