Section 460
Penalty for failure to submit statement under section 505.
About this Act
An Act to consolidate and amend the law relating to income-tax.
If any 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) ₹ 1000 for every day for which the failure continues, if the period of failure does not exceed three months; or
(b) ₹ 100000 in any other case.
(a) ₹ 1000 for every day for which the failure continues, if the period of failure does not exceed three months; or
(b) ₹ 100000 in any other case.