Section 467 — Penalty for failure to comply with the provisions of sections 262 and 397
Old Act equivalent: Section 272B of IT Act 1961 Sub-part: A—Penalties
Statutory Text
- (1) If a person fails to comply with the provisions of section 262, the
Assessing Officer may impose a penalty of
10000 on him. (2) If a person, required to quote or intimate his Permanent Account Number or Aadhaar number in any document as referred to in section 262(9)(a), provides or quotes or intimates a number which is false, knowing or believing it to be false, the Assessing Officer may impose a penalty of10000 on him for each such default. (3) If a person fails to quote or authenticate his Permanent Account Number or Aadhaar number in any document referred to in section 262(9)(a), the Assessing Officer may impose a penalty of10000 on him for each such default. (4) If a person referred to in section 262(9)(b) responsible for ensuring the correct quoting or authentication of Permanent Account Number or Aadhaar number, in documents relating to transactions prescribed under section 262(9)(a) fails to do so, the Assessing Officer may impose a penalty of10000 on him for each such default. Penalty for failure to comply with the provisions of section 397.
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Person who fails to comply with provisions of sections 262 (PAN) and 397 (TDS/TCS statements).
- Conditions: Failure to obtain PAN, quote PAN, or comply with related provisions.
- Time limits: None specified.
- Monetary limits: Rs. 10,000.
- Exceptions: None.
Cross-References
Amendment Notes
None noted from the extracted pages.