Penalty for Failure to Furnish Information Required under Section 133B
Nature of Default
A penalty is levied if any person fails to furnish the information required in Form 45D by the Income Tax Authorities, who have entered into a place of business to collect certain information.
Quantum of Penalty
• The Joint Commissioner, Assistant Director, Deputy Director, or Assessing Officer may impose a penalty which may extend to Rs. 1,000.
• Before levying a penalty, the person must be given an opportunity of being heard.
• Penalty shall not be levied if the assessee proves reasonable cause for the failure.