Section 267 - Penalty for Non-maintenance of Accounts in Prescribed Manner
Where any person have no rental income of tangible property, fails to comply without reasonable cause in pursuance of sub-section (3) of section 72 or in compliance with the provisions of any order or rule made for the purpose of that section the Deputy Commissioner of Taxes may impose on him a penalty as follows, namely:-
(a) not exceeding one and a half times the amount of tax payable by him; and
(b) taka 5 (five) thousand if the total tax-free income of the said person is within the limit.
(2) Where any such person deriving income from the rent of tangible property fails, without reasonable cause, to comply with the provisions of sub-section (3) of section 72 or the provisions of any order or rule made for the purpose of that section, the Deputy Commissioner of Taxes may impose on him penalty of 50% (fifty percent) of the tax payable from rental income of tangible asset or taka 5 (five) thousand, whichever is more.
Note: This is unofficial English translation. In the event of a conflict between the information on this website and the original Government publications or notifications of laws, rules, regulations, and SROs, the Government publications or notifications shall prevail. Moreover, as per Section 345(2) of the Income Tax Act 2023, if there is a conflict between the English and Bengali text, the Bengali text shall prevail.