Monthly Archives: April 2026

Section 455 Income Tax Act 2025 Penalty for furnishing inaccurate statement of financial transaction or reportable account.

By | April 3, 2026
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Section 455 Income Tax Act 2025 Penalty for furnishing inaccurate statement of financial transaction or reportable account. 455. (1) The prescribed income-tax authority referred to in section 508 may direct that a person required to furnish a statement under sub-section (1) of the said section shall pay penalty of ₹ 50000, if such person— (a) provides inaccurate information… Read More »

Section 454 Income Tax Act 2025 Penalty for failure to furnish statement of financial transaction or reportable account.

By | April 3, 2026
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Section 454 Income Tax Act 2025 Penalty for failure to furnish statement of financial transaction or reportable account. 454. (1) If a person who is required to furnish a statement of financial transaction or reportable account under section 508(1), fails to furnish such statement within the time prescribed under sub-section (2) thereof, the income-tax authority prescribed under… Read More »

Section 453 Income Tax Act 2025 Penalty for failure to comply with provisions of section 188.

By | April 3, 2026
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Section 453 Income Tax Act 2025 Penalty for failure to comply with provisions of section 188. 453. If a person repays any loan or deposit or specified advance referred to in section 188 otherwise than in accordance with the provisions of that section, the Assessing Officer may impose on him, a penalty equal to the loan or deposit… Read More »

Section 452 Income Tax Act 2025 Penalty for failure to comply with provisions of section 187.

By | April 3, 2026
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Section 452 Income Tax Act 2025 Penalty for failure to comply with provisions of section 187. 452. The Assessing Officer may impose on a person, a penalty of ₹ 5000 for every day of the duration of failure where he fails to provide a facility for accepting payments through the prescribed electronic modes of payment, as… Read More »

RULE 149 INCOME-TAX RULES 2026 Procedure to requisition services under section 247(5) and to make a reference under section 247(9).

By | April 3, 2026
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RULE 149 INCOME-TAX RULES 2026 RULE 149 INCOME-TAX RULES 2026 Procedure to requisition services under section 247(5) and to make a reference under section 247(9). 149. (1) Every Principal Chief Commissioner or the Chief Commissioner or the Principal Director General or the Director General, as the case may be, may approve— (a) any person or entity,… Read More »

RULE 148 INCOME-TAX RULES 2026 Search and Seizure under section 247.

By | April 3, 2026
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RULE 148 INCOME-TAX RULES 2026 RULE 148 INCOME-TAX RULES 2026 Search and Seizure under section 247. 148. (1) The powers of search and seizure under section 247 shall be exercised in accordance with sub-rules (2) to (21). (2) The authorisation under— (a) section 247(1) by the approving authority, as is empowered by the Board in this… Read More »

RULE 147 INCOME-TAX RULES 2026 Publication and circulation of order of Board under section 239(3)(a).

By | April 3, 2026
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RULE 147 INCOME-TAX RULES 2026   RULE 147 INCOME-TAX RULES 2026 Publication and circulation of order of Board under section 239(3)(a). 147. Any general or special order of the Board issued under section 239(3)(a), the publication and circulation of which is, in the opinion of the Board, necessary in the public interest, shall be published and… Read More »

RULE 146 INCOME-TAX RULES 2026 Rules related to application for exercising the option for tonnage tax scheme and other matters related to it.

By | April 3, 2026
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RULE 146 INCOME-TAX RULES 2026 RULE 146 INCOME-TAX RULES 2026 Rules related to application for exercising the option for tonnage tax scheme and other matters related to it. 146. For the purposes of Tonnage Tax Scheme under Chapter XIII-G of the Act:–– (a) an application under section 231(1) to opt for the Tonnage Tax Scheme, or… Read More »

RULE 145 INCOME-TAX RULES 2026 Statements under sections 221(4), 222(2), 223(5) and 224(9).

By | April 3, 2026
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RULE 145 INCOME-TAX RULES 2026 RULE 145 INCOME-TAX RULES 2026 Statements under sections 221(4), 222(2), 223(5) and 224(9). 145. (1) The statement of income credited or paid or distributed by an entity as referred to in the column B of the following Table shall be furnished by the person responsible for crediting or paying or distributing… Read More »