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Submission of statement by liaison office of non-resident in India A non-resident having a liaison office in India, is required to prepare and deliver a statement in respect of its activities in a financial year to the Assessing Officer within sixty days from the end of such financial year under se
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FAQ :
Non-resident liaison offices in India must now prepare and submit a statement of their activities to the Assessing Officer within sixty days from the end of each financial year.
These amendments will take effect from the 1st day of April, 2025.
Failure to furnish the statement may attract a penalty of one thousand rupees for every day the failure continues, up to three months. For failures exceeding three months, the penalty is one lakh rupees.
Yes, the penalty shall not be leviable if the assessee can prove there was a reasonable cause for the failure to submit the statement.
A new section 271GC is proposed to be inserted in the Act to address these penalties.
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