§ 461
Chapter XXI — Penalties
Penalty for failure to furnish statements, etc
Income-tax Act, 2025
If a person required to file a statement under section 397(3)(b) either files it late or provides wrong information, the Assessing Officer can levy a penalty of at least ₹10,000 and up to ₹100,000.
The penalty for a late filing is waived if the taxpayer shows that the tax, along with any fee and interest, was paid to the government and the statement was submitted within one month of the original deadline.
📜 Official text of the section +
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).
Penalty for failure to furnish information or furnishing inaccurate information
under section 397(3)(d).
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