§ 460
Chapter XXI — Penalties
Penalty for failure to submit statement under section 505
Income-tax Act, 2025
✍️ A plain-language summary of this section is being prepared. Below is the official text.
📜 Official text
460. 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.
Penalty for failure to furnish statements, etc.
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