Section 271-I of ITA, 1961 : Section 271-I: Penalty For Failure To Furnish Information Or Furnishing Inaccurate Information Under Section 195
ITA, 1961
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Explanation using Example
Imagine an Indian software development company, 'Tech Innovations Pvt. Ltd.', that has hired a freelance developer, John, who is a resident of the United States. For the payments made to John, 'Tech Innovations Pvt. Ltd.' is required to deduct tax at source under the Income-tax Act, 1961, and also furnish information regarding the payment and the ...
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