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Annual information return

Pooja (CA) (26 Points)

05 February 2016

Hello professional collegues...

can we file the belated return of annual information return? What are the consequences of belated return? Your quick response is needed. Thanks

Regards,

CA Pooja

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Sathish M (Management Accountant) (40581 Points)
Replied 05 February 2016

Section 271FA of the income-tax Act has been amended to provide that if a person who is required to furnish an annual information return, as required under sub-section (1) of section 285BA of the income-tax Act, fails to furnish such return within the time prescribed under sub-section (2) thereof, the income-tax authority prescribed under sub-section (1) of the said section may direct that such person shall pay, by way of penalty, a sum of one hundred rupees for every day during which the failure continues.

It is further provided that where such person fails to furnish the return within the period specified in the notice under sub-section (5) of section 285BA, he shall pay, by way of penalty, a sum of five hundred rupees for every day during which the failure continues, beginning from the day immediately following the day on which the time specified in such notice for furnishing the return expires.