Income-tax Act, 1961
If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees.] [ Provided that nothing contained in this section shall apply to and in relation to the return of income required to be furnished for any assessment year commencing on or after the 1st day of April, 2018.] [271FA. Penalty for failure to furnish [statement of financial transaction or reportable account].—If a person who is required to furnish [a statement of financial transaction or reportable account] under sub-section (1) of section 285BA, fails to furnish such [statement] within the time prescribed under sub-section (2) thereof, the income-tax authority prescribed under said sub-section (1) may direct that such person shall pay, by way of penalty, a sum of [five hundred rupees] for every day during which such failure continues: Provided that where such person fails to furnish the [statement] within the period specified in the notice issued under sub-section (5) of section 285BA, he shall pay, by way of penalty, a sum of [one thousand 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 [statement] expires.]