# The Finance Act, 2004, Section 55: Insertion of new section 271FA

- Act: The Finance Act, 2004
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2004/section/55/

## Text

Insertion of new section 271FA. 55. After section 271F of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2005, namely:— "271FA. Penalty for failure to furnish annual information return.—If a person who is required to furnish an annual infor­mation return, as required under sub-section (1) of section 285BA, fails to furnish such return within the time prescribed under that sub-section, the income-tax authority prescribed under the said sub-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.". © Copyright. Taxmann Publications Pvt. Ltd.

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