Section 271GC: Penalty for failure to submit statement under section 285

The Income-tax Act, 1961Central Act · Act 43 of 1961

Repealed. This text is published for reference. It is not in force, and it should not be relied on as current law without checking what replaced it. Repealed by the Income-tax Act, 2025, with effect from 1 April 2026

[Penalty for failure to submit statement under section 285.

If any person who is required to furnish statement under section 285, fails to do so within the period prescribed under that section, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of––

(a) one thousand rupees for every day for which the failure continues, if the period of failure does not exceed three months; or

(b) one lakh rupees in any other case.]

Where this provision sits

Act	The Income-tax Act, 1961
Section	271GC
Marginal note	Penalty for failure to submit statement under section 285
Jurisdiction	Central
Status	Repealed

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

inserted, Act No. 15 of 2024. Ins. by Act No. 15 of 2024, w.e.f. 1-4-2025.

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