# The Finance Act, 1998, Section 61: Substitution of new section for section 271F

- Act: The Finance Act, 1998
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1998/section/61/

## Text

Substitution of new section for section 271F 61. For section 271F of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 1999, namely :— "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 one 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 hundred rupees.". © Copyright. Taxmann Publications Pvt. Ltd.

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