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Question ID : 41107

Notice recd for Non filing of SFT

The entity has not filed the SFT and now the entity has received the notice to filed the SFT . 1) My question is that what are the consequences of Non Filing of SFT . 2) If the Entity has filied the SFT in reply to the notice is there any way to waive the penalty u/s 271 FA , Please give the advise on this issue.

Posted by GOPAL KUMAR AGRAWAL on Jul 27, 2021

Filed Under DIRECT TAXES

Answer ID : 81210

Penalty is Rs.500/- per day of default and if not filed within extended due date, specified in the notice Rs. 1000/- per day of default. If the SFT is filed in reply to notice, penalty cannot be waived, but levied at Rs. 500/- per day of default.

Posted by CA. chunauti dholakia on Aug 03, 2021