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 Assessing Officer may impose on such person, a penalty of a sum which shall not be less than ₹ 10000 but which may extend to ₹ 100000.
(2) No penalty shall be levied under sub-section (1)(a) for delay in filing or non-filing of statement referred therein, if the person proves that—
| (a) | tax deducted or collected along with the fee and interest, if any, was paid to the credit of the Central Government; and |
| (b) | the said statement was also delivered or cause to be delivered before the expiry of one month from the time prescribed in section 397(3)(b). |