Section 461 Income Tax Act 2025 Penalty for failure to furnish statements, etc. 461. (1) Where a person, who is required to deliver or causes to be delivered a statement prescribed in section 397(3)(b),— (a) fails to do so within the time prescribed in the said section; or (b) furnishes incorrect information in the said statement, the… Read More »
Section 460 Income Tax Act 2025 Penalty for failure to submit statement under section 505. 460. 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… Read More »
Section 459 Income Tax Act 2025 Penalty for failure to furnish report or for furnishing inaccurate report under section 511. 459. (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… Read More »
Section 458 Income Tax Act 2025 Penalty for failure to furnish information or document under section 506. 458. If any Indian concern, which is required to furnish any information or document under section 506, fails to do so, the prescribed income-tax authority under the said section, may direct that such Indian concern shall pay by way of… Read More »
RULE 154 INCOME-TAX RULES 2026 RULE 154 INCOME-TAX RULES 2026 Form of information under section 254(1). 154. The information under section 254(1) shall be furnished in Form No. 87. Related Post Section 254 Income Tax Act 2025 Power to collect certain information. Form 87 Income Tax Rules 2026 Information to be furnished to the Income-tax authority under… Read More »
RULE 153 INCOME-TAX RULES 2026 Distraint and sale. 153. Where any distraint and sale of movable property are to be effected by any Assessing Officer or Tax Recovery Officer authorised for the purpose, such distraint and sale shall be made, as far as may be, in the same manner as attachment and sale of any movable… Read More »
RULE 152 INCOME-TAX RULES 2026 Release of remaining assets under section 250. 152. Any assets or proceeds thereof which remain after the liabilities referred to in section 250(1) are discharged, shall be forthwith made over or paid to the person, from whose custody the assets were seized, in the presence of two respectable witnesses. *************************************** Your… Read More »
RULE 151 INCOME-TAX RULES 2026 RULE 151 INCOME-TAX RULES 2026 Requisition of books of account, etc. under section 248. 151. (1) The authorisation under section 248(1) by the Director General or Director or the Chief Commissioner or Commissioner shall be made in Form No. 86, shall be in writing under the signature of the officer issuing… Read More »
RULE 150 INCOME-TAX RULES 2026 RULE 150 INCOME-TAX RULES 2026 Valuation under section 247(9). 150. (1) For the purposes of section 247(9), the fair market value of the property shall be determined in the following manner:— (a) the value of an immovable property, being land or building or both, shall be in accordance with the value… Read More »
Section 456 Income Tax Act 2025 Penalty for failure to furnish statement or information or document by an eligible investment fund. 456. If any eligible investment fund required to furnish a statement or any information or document under paragraph 4 of Schedule I, fails to do so within the time prescribed under the said paragraph, the… Read More »