§ 460
Chapter XXI — Penalties
Penalty for failure to submit statement under section 505
Income-tax Act, 2025
If you do not file the required statement within the time limit, the Assessing Officer can levy a penalty. You will be charged ₹1,000 for each day of delay, up to a maximum of three months. If the delay exceeds three months, a flat penalty of ₹100,000 applies.
📜 Official text of the section +
460. If any person required to furnish statement under section 505, fails to do so
within the period prescribed under that section, the Assessing Officer may
impose on him, a penalty of—
( a) ` 1000 for every day for which the failure continues, if the period of
failure does not exceed three months; or
( b) ` 100000 in any other case.
Penalty for failure to furnish statements, etc.
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