Penalty for failure to furnish information or return under section 150 or 151 :
If a person who is required to furnish an information return under section 150 fails to do so within the period specified in the notice issued under -section 150(3), the proper officer may direct that such person shall be liable to pay a penalty of one hundred rupees for each day of the period during which the failure to furnish such return continues. The penalty imposed under this section shall not exceed five thousand rupees – section 123 of
If any person required to furnish any information or return under section 151 – (a) without reasonable cause fails to furnish such information or return as may be required under that section, or (b) wilfully furnishes or causes to furnish any information or return which he knows to be false, he shall be punishable with a fine which may extend to ten thousand rupees and in case of a continuing offence to a further fine which may extend to
one hundred rupees for each day after the first day during which the offence continues subject to a maximum limit of twenty five thousand rupees – section 124 of CGST Act.
Latest posts by Tina Saha (see all)
- Apply for 12th ICAI Leaders & Business Excellence Awards being organised by Committee for Members in Industry & Business (CMI&B) before 15th December, 2018 - September 18, 2018
- Assessment Test of the Certificate Course on International Taxation organized by the Committee on International Taxation of ICAI -14th October, 2018 (Sunday) – 2.00 PM to 5.00 PM - September 18, 2018
- Next Batch of Educational Course by ICAI Registered Valuers Organsiation (ICAI RVO) at Hotel Fortune Select Excalibur, Main Sohna road, Sector 49, Gurgaon from 6th October to 28th October, 2018 - September 18, 2018