Section 458 — Penalty for failure to furnish information or document under section 506
Old Act equivalent: Section 271GA of IT Act 1961 Sub-part: A—Penalties
Statutory Text
- 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.
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Indian concern that fails to furnish information or document under section 506.
- Conditions: Failure to furnish information/document regarding transfer of share/interest in foreign entity having assets in India.
- Time limits: None specified.
- Monetary limits: 2% of value of transaction (if transfer of management/control); Rs. 5,00,000 in any other case.
- Exceptions: None.
Cross-References
- Section 506
- Section 511
Amendment Notes
None noted from the extracted pages.