Income Tax Law
Income-tax Act, 2025 · CHAPTER XXI — PENALTIES

Section 454Penalty for failure to furnish statement of financial transaction or reportable account

Income-tax Act, 2025 (30 of 2025)
(1)
If a person who is required to furnish a statement of financial transaction or reportable account under section 508(1), fails to furnish such statement within the time prescribed under sub-section (2) thereof, the income-tax authority prescribed under the said sub-section (1) may impose on him, a penalty of ₹ 500 for every day during which such failure continues.
(2)
If the person referred to in sub-section (1), fails to furnish the statement within the period specified in the notice issued under section 508(7), he shall pay penalty of ₹ 1000 for every day during which the failure continues, beginning from the day immediately after the time specified in such notice for furnishing the statement expires.
This section refers to
§ 508 Obligation to furnish statement of financial transaction or reportable account
§ 508 Obligation to furnish statement of financial transaction or reportable account
Referenced by
§ 470 Penalty not to be imposed in certain cases