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:ó

ì271FA. Penalty for failure to furnish annual information return.óIf a person who is required to furnish an annual infor‚mation 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.î.