Income Tax Act, 2025
Section 14: Ins. by 12 of 1990, s. 46 (w.e.f. 11990).
14. Ins. by 12 of 1990, s. 46 (w.e.f. 11990).
785
1[271F. Penalty for failure to furnish return of income.—If a person who is required to furnish a
return of his income, as required under 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, the Assessing
Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees.]
2[Provided that nothing contained in this section shall apply to and in relation to the return of income
required to be furnished for any assessment year commencing on or after the 1st day of April, 2018.]
3[271FA. Penalty for failure to furnish 4[statement of financial transaction or reportable
account].—If a person who is required to furnish 5[a statement of financial transaction or reportable
account] under sub-section (1) of section 285BA, fails to furnish such 6[statement] within the time
prescribed under sub-section (2) thereof, the income-tax authority prescribed under said sub-section (1)
may direct that such person shall pay, by way of penalty, a sum of 7[five hundred rupees] for every day
during which such failure continues:
Provided that where such person fails to furnish the 6[statement] within the period specified in the
notice issued under sub-section (5) of section 285BA, he shall pay, by way of penalty, a sum of 8[one
thousand 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 6[statement] expires.]
9[271FAA. Penalty for furnishing inaccurate statement of financial transaction or reportable
account.—If a person referred to in clause (k) of sub-section (1) of section 285BA, who is required to
furnish a statement under that section, provides inaccurate information in the statement, and where—
(a) the inaccuracy is due to a failure to comply with the due diligence requirement prescribed
under sub-section (7) of section 285BA or is deliberate on the part of that person; or
(b) the person knows of the inaccuracy at the time of furnishing the statement of financial
transaction or reportable account, but does not inform the prescribed income-tax authority or such
other authority or agency; or
(c) the person discovers the inaccuracy after the statement of financial transaction or reportable
account is furnished and fails to inform and furnish correct information within the time specified
under sub-section (6) of section 285BA,
then, the prescribed income-tax authority may direct that such person shall pay, by way of penalty, a sum
of fifty thousand rupees.]
10[271FAB. Penalty for failure to furnish statement or information or document by an eligible
investment fund.—If any eligible investment fund which is required to furnish a statement or any
information or document, as required under sub-section (5) of section 9A fails to furnish such statement
or information or document within the time prescribed under that sub-section, the income-tax authority
prescribed under the said sub-section may direct that such fund shall pay, by way of penalty, a sum of five
hundred thousand rupees.]
11[271FB. Penalty for failure to furnish return of fringe benefits.—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.]
of section 139 or by the provisos to that
sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing
Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees.]
2[Provided that nothing contained in this section shall apply to and in relation to the return of income
required to be furnished for any assessment year commencing on or after the 1st day of April, 2018.]
3[271FA. Penalty for failure to furnish 4[statement of financial transaction or reportable
account].—If a person who is required to furnish 5[a statement of financial transaction or reportable
account] under sub-section
of section 285BA, fails to furnish such 6[statement] within the time
prescribed under sub-section
thereof, the income-tax authority prescribed under said sub-section
may direct that such person shall pay, by way of penalty, a sum of 7[five hundred rupees] for every day
during which such failure continues:
Provided that where such person fails to furnish the 6[statement] within the period specified in the
notice issued under sub-section
of section 285BA, he shall pay, by way of penalty, a sum of 8[one
thousand 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 6[statement] expires.]
9[271FAA. Penalty for furnishing inaccurate statement of financial transaction or reportable
account.—If a person referred to in clause
of sub-section
of section 285BA, who is required to
furnish a statement under that section, provides inaccurate information in the statement, and where—
the inaccuracy is due to a failure to comply with the due diligence requirement prescribed
under sub-section
of section 285BA or is deliberate on the part of that person; or
the person knows of the inaccuracy at the time of furnishing the statement of financial
transaction or reportable account, but does not inform the prescribed income-tax authority or such
other authority or agency; or
the person discovers the inaccuracy after the statement of financial transaction or reportable
account is furnished and fails to inform and furnish correct information within the time specified
under sub-section
of section 285BA,
then, the prescribed income-tax authority may direct that such person shall pay, by way of penalty, a sum
of fifty thousand rupees.]
10[271FAB. Penalty for failure to furnish statement or information or document by an eligible
investment fund.—If any eligible investment fund which is required to furnish a statement or any
information or document, as required under sub-section
of section 9A fails to furnish such statement
or information or document within the time prescribed under that sub-section, the income-tax authority
prescribed under the said sub-section may direct that such fund shall pay, by way of penalty, a sum of five
hundred thousand rupees.]
11[271FB. Penalty for failure to furnish return of fringe benefits.—If an employer, who is required
to furnish a return of fringe benefits, as required under sub-section
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.]