Search this Act

Jump directly to a section by number or title.

Section 460

Penalty for failure to submit statement under section 505

If a 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) one thousand rupees for every day for which the failure continues, if the period of failure does not exceed three months; or

(b) one lakh rupees in any other case.