§ 458
Chapter XXI — Penalties
Transfer Pricing Officer as referred to in section 166 or the Commissioner (Appeals). Penalty for failure to furnish information o
Income-tax Act, 2025
✍️ A plain-language summary of this section is being prepared. Below is the official text.
📜 Official text
458. If any Indian concern, which is required to furnish any information or
document under section 506, fails to do so, the prescribed income-tax author-
ity under the said section, may direct that such Indian concern shall pay by way of
penalty, a sum of—
( a) 2% of the value of the transaction in respect of which such failure has
taken place, if such transaction had the effect of directly or indirectly
transferring the right of management or control in relation to the Indian
concern;
( b) ` 500000, in any other case.
Penalty for failure to furnish report or for furnishing inaccurate report under
section 511.
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