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Section 285BA of the
Income-tax Act mandates furnishing of annual information return by the
specified persons in respect of specified transactions within the time
prescribed under sub-section (2) thereof. Sub-section (5) of the section
empowers the Assessing Officer to issue notice if the annual information return
has not been furnished by the due date.
Section 271FA of the
income-tax Act, prior to its amendment by the Act, provided that if a person
who is required to furnish an annual information return, as required under
sub-section (1) of section 285BA of the Income-tax Act, fails to furnish such
return within the time prescribed under that sub-section, the income-tax
authority prescribed 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 the failure continues.
Section 271FA of the
income-tax Act has been amended to provide that if a person who is required to
furnish an annual information return, as required under sub-section (1) of
section 285BA of the income-tax Act, fails to furnish such return within the
time prescribed under sub-section (2) thereof, the income-tax authority
prescribed under sub-section (1) of the said section may direct that such
person shall pay, by way of penalty, a sum of one hundred rupees for every day
during which the failure continues.
It is further
provided that where such person fails to furnish the return within the period
specified in the notice under sub-section (5) of section 285BA, he shall pay,
by way of penalty, 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.
Applicability - This amendment takes
effect from 1st April, 2014
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