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THE INCOME TAX ACT, 2025
Section 459 of Income Tax Act - Pe...
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459. Penalty for failure to furnish report or for furnishing inaccurate report under section 511.
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(1) If any reporting entity referred to in section 511, required to furnish the report referred to in sub-section (2) of the said section, for a reporting accounting year, fails to do so, the prescribed authority under that section may impose on such entity, a penalty of— (a) ₹5000 for every day for which the failure continues, if the period of failure does not exceed one month; (b) ₹15000 for every day for which the failure continues beyond the period of one month. |
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(2) If any reporting entity referred to in section 511 fails to produce the information and documents within the period allowed under sub-section (7) of the said section, the prescribed authority under that section may impose on such entity, a penalty of ₹5000 for every day during which the failure continues, beginning from the day immediately following the day on which the period for furnishing the information and document expires |
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(3) If the failure referred to in sub-section (1) or (2) continues after an order imposing a penalty under the said sub-section, has been served on the entity, then, irrespective of the provisions of the said sub-sections, the prescribed authority may impose penalty of fifty thousand rupees for every day for which such failure continues beginning from the date of service of such order. |
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(4) If a reporting entity referred to in section 511 provides inaccurate information in the report furnished under sub-section (2) of the said section, the prescribed authority under that section may impose on such entity, a penalty of ₹500000, if— (a) the entity has knowledge of the inaccuracy at the time of furnishing the report but fails to inform the prescribed authority; or (b) the entity discovers the inaccuracy after the report is furnished and fails to inform the prescribed authority and furnish correct report within fifteen days of such discovery; or (c) the entity furnishes inaccurate information or document in response to the notice issued under section 511(7). |
GST Gyaan | https://gstgyaan.in | CA Rajesh Ritolia - 9350171263