For section 271F of the Income-tax Act, the following section shall be substituted with effect from the 1st day of June, 2002, namely:--
"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.".