Penalty for failure to furnish information return. 

¹[SECTION 108A.

(1) Any person, being— 

(a) a local authority or other public body or association; or

(b) any authority of the State Government responsible for the collection of value added tax or sales tax or any other tax relating to the goods or services; or 

(c) an income-tax authority appointed under the provisions of the Income tax Act, 1961; 

(d) a Banking company within the meaning of clause (a) of section 45A of the Reserve Bank of India Act, 1934; or 

(e) a co-operative bank within the meaning of clause (dd) of section 2 of the Deposit Insurance and Credit Guarantee Corporation Act,1961; or 

(f) a financial institution within the meaning of clause (c), or a non-banking financial company within the meaning of clause (f), of section 45-I of the Reserve Bank of India Act,1934; or 

(g) a State Electricity Board; or an electricity distribution or transmission licensee under the Electricity Act, 2003, or any other entity entrusted, as the case may be, with such functions by the Central Government or the State Government; or 

(h) the Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908; or 

(i) a Registrar within the meaning of the Companies Act, 2013; or 

(j) the registering authority empowered to register motor vehicles under Chapter IV of the Motor Vehicles Act, 1988; or 

(k) the Collector referred to in clause (c) of section 3 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013; or 

(l) the recognised stock exchange referred to in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956; or 

(m) a depository referred to in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996; or 

(n) the Post Master General within the meaning of clause ( j) of section 2 of the Indian Post Office Act, 1898; or 

(o) the Director General of Foreign Trade within the meaning of clause (d) of section 2 of the Foreign Trade (Development and Regulation) Act,1992; or 

(p) the General Manager of a Zonal Railway within the meaning of clause (18) of section 2 of the Railways Act,1989; or 

(q) an officer of the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934, 

who is responsible for maintaining record of registration or statement of accounts or holding any other information under any of the Acts specified above or under any other law for the time being in force, which is considered relevant for the purposes of this Act, shall furnish such information to the proper officer in such manner as may be prescribed by rules made under this Act. 

(2) Where the proper officer considers that the information furnished under sub-section (1) is defective, he may intimate the defect to the person who has furnished such information and give him an opportunity of rectifying the defect within a period of seven days from the date of such intimation or within such further period which, on an application made in this behalf, the proper officer may allow and if the defect is not rectified within the said period of seven days or, further period, as the case may be, so allowed, then, notwithstanding anything contained in any other provision of this Act, such information shall be deemed as not furnished and the provisions of this Act shall apply. 

(3) Where a person who is required to furnish information has not furnished the same within the time specified in sub-section (1) or sub-section (2), the proper officer may serve upon him a notice requiring him to furnish such information within a period not exceeding thirty days from the date of service of the notice and such person shall furnish such information.]

Note :-

1. Inserted by Act 18 of 2017(w.e.f.04.05.2017)