Section 468 — Penalty for failure to comply with the provisions of section 397

Old Act equivalent: Section 272BB of IT Act 1961 Sub-part: A—Penalties

Statutory Text

(1) If a person fails to comply with the provisions of section 397, the Assessing Officer may impose a penalty of 10000 on him. (2) If a person, required to quote his Tax Deduction and Collection Account Num ber in challans, certificates, statements or other documents referred to in section 397(1)(b), quotes a number which is false, knowing or believing it to be false or not true, the Assessing Officer may impose a penalty of 10000 on him. Power to reduce or waive penalty, etc., in certain cases.

None.

None.

None.

Applies to: Person who fails to comply with specific provisions of section 397.
Conditions: Failure to obtain TAN, quote TAN, or comply with related provisions.
Time limits: None specified.
Monetary limits: Rs. 10,000.
Exceptions: None.