Penalty for failure to furnish statements, etc.

Section 464 — Penalty for failure to furnish statements, etc.

Old Act equivalent: Section 272A(2) of IT Act 1961 Sub-part: A—Penalties

Statutory Text

464. The Assessing Officer may impose a penalty which shall not be less than  10000 but which may extend up to  100000 on—

(a) the research association, university, college or other institution referred to in section 45, if it fails to deliver or furnish the documents as may be prescribed under section 45(4)(a); or

(b) the institution or fund, if it fails to deliver or cause to be delivered a statement within the time prescribed under section 354(1)(e), or furnish a certificate prescribed under section 354(1)(g). Penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc.

Provisos

None.

Explanations

None.

Tables

None.

Key Structure

• Applies to: Trusts, institutions, and similar entities that fail to furnish statements/documents as required.
• Conditions: Failure to furnish prescribed statements or documents.
• Time limits: None specified.
• Monetary limits: As prescribed.
• Exceptions: None.

Cross-References

• Section 45
• Section 354

Amendment Notes

None noted from the extracted pages.

Practical Notes