Income Tax Law
Income-tax Act, 2025 · CHAPTER XXI — PENALTIES
Section 460Penalty for failure to submit statement under section 505
Income-tax Act, 2025 (30 of 2025)
If any 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)₹ 1000 for every day for which the failure continues, if the period of failure does not exceed three months; or
(b)₹ 100000 in any other case.
This section refers to
§ 505 Submission of statement by a non-resident having liaison office
Referenced by
§ 470 Penalty not to be imposed in certain cases