§ 453
Chapter XXI — Penalties
Penalty for failure to comply with provisions of section 188
Income-tax Act, 2025
✍️ A plain-language summary of this section is being prepared. Below is the official text.
📜 Official text
453. If a person repays any loan or deposit or specified advance referred to in
section 188 otherwise than in accordance with the provisions of that section,
the Assessing Officer may impose on him, a penalty equal to the loan or deposit or
specified advance so repaid.
12[Penalty for failure to furnish statement of financial transaction or reportable
account after a notice.
Plain-language summary — not the official text. Refer to the bare Act and confirm with a professional for your specific case.
Related sections
§ 439Penalty for under-reporting and misreporting of income§ 440[ (1) An assessee may make an application to the Assessing Officer to grant§ 441Failure to keep, maintain or retain books of account, documents, etc§ 442Section 442§ 443Penalty in respect of certain income§ 444Penalty for false entry, etc., in books of account