Income Tax Act, 1961 Section 271F - Bare Act

Act Info:

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¹[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.]

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1. Substituted by the Finance Act, 2002, with effect from 1st June, 2002. Prior to substitution, section 271F as inserted by the Finance Act, 1997, with effect from 1st April, 1997, and later on as substituted by the Finance (No. 2) Act, 1998, with effect from 1st April, 1999 and amended by the Finance Act, 2001, with effect from 1st June, 2001, stood as under:

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, fails to furnish such return before the end of the relevant assessment year, he shall be liable to pay, by way of penalty, a sum of five thousand rupees :

Provided that a person who is required to furnish a return of his income, as required by the proviso to sub-section (1) of section 139, fails to furnish such return on or before the due date, he shall be liable to pay, by way of penalty, a sum of five thousand rupees.

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