Section 467 Income Tax Act 2025 Penalty for failure to comply with the provisions of section 262. 467. (1) If a person fails to comply with the provisions of section 262 and section 397(2)(h), the Assessing Officer may impose a penalty of ₹ 10000 on him. (2) If a person, required to quote or intimate his Permanent Account Number… Read More »
Section 466 Income Tax Act 2025 Penalty for failure to comply with the provisions of section 254. 466. If a person fails to comply with the provisions of section 254, the Joint Commissioner, Deputy Director or Assistant Director or the Assessing Officer, may impose a penalty which may extend up to ₹ 1000 on him.
RULE 159 INCOME-TAX RULES 2026 RULE 159 INCOME-TAX RULES 2026 Transactions in relation to which Permanent Account Number is to be quoted or applied for purposes of section 262(1)(f) and 262(10)(c) and (e). 159. (1) Every person shall quote his Permanent Account Number in all documents, pertaining to the transactions specified in column 2 for value… Read More »
RULE 158 INCOME-TAX RULES 2026 RULE 158 INCOME-TAX RULES 2026 Application for allotment of a Permanent Account Number. 158. (1) An application under section 262 for allotment of a Permanent Account Number shall be made in Form No. 93, Form No. 94, Form No. 95 and Form No. 96, as the case may be, in accordance… Read More »
RULE 157 INCOME-TAX RULES 2026 RULE 157 INCOME-TAX RULES 2026 Persons exempt from obtaining Permanent Account Number under section 262. 157. (1) The provisions of section 262 shall not apply to a non-resident (not being a company or a foreign company) who has, during a tax year, made investment in a specified fund, if the following… Read More »
RULE 156 INCOME-TAX RULES 2026 Prescribed income-tax authority under section 259. 156. The prescribed income-tax authority under section 259 shall be an Income-tax authority not below the rank of Assistant Commissioner of Income-tax, who has been authorised by the Central Board of Direct Taxes to act as such authority for the purposes of that section. ***************************************… Read More »
Section 465 Income Tax Act 2025 Penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc. 465. (1) A person shall be liable to pay a penalty of ₹ 10000 for each default or failure as mentioned below, if that person,— (a) being legally bound to state the truth of… Read More »
RULE 155 INCOME-TAX RULES 2026 Disclosure of information related to assessees under section 258(2). 155. (1) The application to the Chief Commissioner or Commissioner under section 258(2) for information relating to an assessee in respect of any assessment made either under the Act or under the Income-tax Act, 1961 (43 of 1961), as it existed prior… Read More »
Section 464 Income Tax Act 2025 Penalty for failure to furnish statements, etc. 464. The Assessing Officer may impose a penalty which shall not be less than ₹ 10000 but which may extend up to ₹ 100000 on— (a) the research association, university, college or other institution referred to in section 45, if it fails to deliver… Read More »
Section 463 Income Tax Act 2025 Penalty for furnishing incorrect information in reports or certificates. 463. (1) Any accountant or merchant banker or registered valuer, shall be liable to pay a penalty of ₹ 10000 for any incorrect information in any report or certificate furnished under any provision of this Act or the rules made thereunder.… Read More »