§ 446
Chapter XXI — Penalties
Penalty for Late Crypto‑Asset Statement
Income-tax Act, 2025
If a person required to file a crypto‑asset transaction statement under section 509(1) does not file it on time, the tax authority can charge a daily penalty of ₹200 for each day the delay continues.
Additionally, a one‑time penalty of up to ₹50,000 may be imposed if the person provides false information or does not correct it as required, or fails to meet the due‑diligence obligations under sections 509(4) and 509(5).
📜 Official text of the section +
446. (1) If any person who is required to furnish a statement in respect of a trans-
action of a crypto-asset under section 509(1), fails to furnish such statement
within the time prescribed under the said section, the prescribed income-tax authority
under that section may impose on him, a penalty of ` 200 for every day for which such
failure continues.
(2) The prescribed income-tax authority may impose a penalty of ` 50000 on a person
referred in sub-section (1), if such person—
( a) provides inaccurate information in the statement and fails to remove such
inaccuracy as per section 509(4); or
( b) fails to comply with due diligence the requirement under section 509(5).]
Penalty for failure to furnish report under section 172.
Plain-language summary — not the official text. Refer to the bare Act and confirm with a professional for your specific case.
Related sections
§ 439Penalty for under-reporting and misreporting of income§ 440[ (1) An assessee may make an application to the Assessing Officer to grant§ 441Failure to keep, maintain or retain books of account, documents, etc§ 442Penalty for Non‑Compliance with Transaction Reporting§ 443Penalty in respect of certain income§ 444Penalty for false entry, etc., in books of account