Section 460 — Penalty for failure to submit statement under section 505
Old Act equivalent: Section 271H of IT Act 1961 Sub-part: A—Penalties
Statutory Text
- 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.
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Person who fails to deliver or cause to be delivered statement within prescribed time under sections 505 or 397(3)(b).
- Conditions: Failure to submit TDS/TCS statement within prescribed time.
- Time limits: None specified.
- Monetary limits: Minimum Rs. 10,000; maximum Rs. 1,00,000.
- Exceptions: Not applicable if tax/fee/interest paid and statement delivered within 1 month of prescribed time.
Cross-References
- Section 505
Amendment Notes
None noted from the extracted pages.