Income-tax Act, 2025 · CHAPTER XXI — PENALTIES

Section 463Penalty for furnishing incorrect information in reports or certificates

Income-tax Act, 2025 (30 of 2025)

(1)

Any accountant or merchant banker or registered valuer, shall be liable to pay a penalty of ₹ 10000 for any incorrect information in any report or certificate furnished under any provision of this Act or the rules made thereunder.

(2)

The penalty under sub-section (1) shall be payable for each such report or certificate.

(3)

The penalty under sub-section (1) shall be payable on directions of the Assessing Officer or the Joint Commissioner (Appeals) or the Commissioner (Appeals) where the incorrect information mentioned in sub-section (1) is found by such authority in the course of any proceedings under this Act.

(4)

In this section,—

(a)“merchant banker” means Category I merchant banker registered with the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992); and

(b)“registered valuer” means a person registered as a valuer under section 514.

This section refers to

§ 514 Registration of valuers

Referenced by

§ 470 Penalty not to be imposed in certain cases

Rule 247 Qualification of registered valuer for the purposes of section 514