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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 sub-section (3) thereof, 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:
Provided that the penalty imposed under this section shall not exceed five thousand rupees.This Section would be relevant where the information return as prescribed under Section 150 is not filed.
123.2 Analysis
If the person who is required to file an ‘information return’ as prescribed under Section 150 has not filed the return within the stipulated period of 90 days from the date of issue of show cause notice, a penalty of ` 100/- per day shall be levied for each day for which the failure continues but not exceeding five thousand rupees.
123.3 Comparative Review
The provision is similar to Section 15B of Central Excise Act, 1944.
123.4 Related provisions
Section Description
Section 150 Filing of Information Return and issue of show cause notice for non-filing
123.5 FAQs
Q1. What would be the penalty for not filing the information return?
Ans. Penalty of Rs.100 per day would be applicable for each day for which the failure continues.
Q2. Would penalty under this Section be payable for defective returns?
Ans. No. Penalty for defective information returns would not be payable under Section 150.
Q3. Is there any maximum ceiling on penalty payable for failure to furnish information return u/s. 150?
Ans. Yes. There is maximum ceiling of Rs. 5,000/- under this section.
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