Clause 460 - Penalty for failure to submit statement under section 505. - Income Tax Bill, 2025

Penalty for failure to submit statement under section 505. 460. If a person required to furnish statement under section 505, fails to do so within the period prescribed under that section, the Assessing Officer may impose on him, a penalty of (a) one thousand rupees for every day for which the failure continues, if the period of failure does not exceed three months; or (b) one lakh rupees in any other case.