§ 458
Chapter XXI — Penalties
Transfer Pricing Officer as referred to in section 166 or the Commissioner (Appeals). Penalty for failure to furnish information o
Income-tax Act, 2025
If an Indian concern does not provide information or documents required under section 506, the tax authority can impose a penalty. The penalty is 2% of the transaction value when the failure involves a transfer of management or control, and a fixed amount of ₹500,000 in other cases. Similar penalties also apply for not filing or filing an inaccurate report under section 511.
📜 Official text of the section +
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 author-
ity under the said section, may direct that such Indian concern shall pay by way of
penalty, a sum of—
( a) 2% of the value of the transaction in respect of which such failure has
taken place, if such transaction had the effect of directly or indirectly
transferring the right of management or control in relation to the Indian
concern;
( b) ` 500000, in any other case.
Penalty for failure to furnish report or for furnishing inaccurate report under
section 511.
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