Amended and updated notes on section 271-I of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Penalty for failure to furnish information or furnishing inaccurate information under section 195.
Chapter XXI (Sections 270A to 275) of the Income Tax Act 1961 deals with the provisions related to penalties imposable. Section 271i of IT Act 1961 provides for Penalty for failure to furnish information or furnishing inaccurate information under section 195.
Recently, we have discussed in detail section 271H (Penalty for failure to furnish statements, etc.) of IT Act 1961. Today, we learn the provisions of section 271-I of Income-tax Act 1961. The amended provision of section 271-I is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 271-I of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-271-I: Penalty for failure to furnish information or furnishing inaccurate information under section 195
If a person, who is required to furnish information under sub-section (6) of section 195, fails to furnish such information, or furnishes inaccurate information, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of one lakh rupees.