Insertion of new section 271F.

54.   After section 271E of the Income-tax Act, the following section shall be inserted, namely:—

"271F. Penalty for failure to furnish return of income.—If a person who is required to furnish a return of his income as required by the proviso to sub-section (1) of section 139 fails to furnish such return on or before the due date, he shall be liable to pay by way of penalty, a sum of five hundred rupees.".