§ 429
Chapter XIX — Collection And Recovery Of Tax
Fee for default relating to statement or certificate
Income-tax Act, 2025
If a research institution, university, college, company, or fund does not submit the prescribed documents or certificates on time, it must pay a daily penalty of Rs 200 for each day the default continues.
- The fee cannot exceed the amount of the transaction or benefit that triggered the default.
- The penalty must be paid before the required statement or certificate is finally delivered.
📜 Official text of the section +
429. (1) Without prejudice to the provisions of this Act, where,—
( a) the research association, University, college or other institution referred
to in section 45(3)(a) or the company referred to in section 45(3)(b) fails
to deliver or cause to be delivered the documents as may be prescribed in
section 45(4)(a) within the time as may be prescribed therein or furnish
a certificate as may be prescribed under section 45(4)(a); or
( b) the institution or fund fails to deliver or cause to be delivered a statement
under section 354(1)( e), within the time as may be prescribed under
that section, or furnish a certificate as may be prescribed under section
354(1)(g),
it shall be liable to pay, by way of fee, a sum of ` 200 for every day during which
the failure continues.
(2) The amount of fee referred to in sub-section (1) shall,—
( a) not exceed the amount in respect of which the failure referred to therein
has occurred;
( b) be paid before delivering or causing to be delivered the statement or
before furnishing the certificate referred to in sub-section (1).
Fee for default relating to intimation of Aadhaar number.
Plain-language summary — not the official text. Refer to the bare Act and confirm with a professional for your specific case.