Section 461 — Penalty for failure to furnish statements, etc.
Old Act equivalent: Section 272A(1) of IT Act 1961 Sub-part: A—Penalties
Statutory Text
- (1) Where a person, who is required to deliver or causes to be delivered a statement prescribed in section 397(3)(b),—
(a) fails to do so within the time prescribed in the said section; or
(b) furnishes incorrect information in the said statement,
the Assessing Officer may impose on such person, a penalty of a sum which shall
not be less than 10000 but which may extend to 100000.
(2) No penalty shall be levied under sub-section (1)(a) for delay in filing or non-filing
of statement referred therein, if the person proves that—
(a) tax deducted or collected along with the fee and interest, if any, was paid to the credit of the Central Government; and
(b) the said statement was also delivered or cause to be delivered before the expiry of one month from the time prescribed in section 397(3)(b). Penalty for failure to furnish information or furnishing inaccurate information under section 397(3)(d).
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Research associations, institutions, funds failing to furnish prescribed documents/statements/certificates.
- Conditions: Failure to furnish documents u/s 45(4)(a) or statement/certificate u/s 354(1)(e)/(g).
- Time limits: None specified.
- Monetary limits: Rs. 10,000 for each failure.
- Exceptions: None.
Cross-References
Amendment Notes
None noted from the extracted pages.