Section-458: Penalty for failure to furnish information or document under section 506

Section-458 : Penalty for failure to furnish information or document under section 506

Learn to understand the section-458 as it is, it's help and useful links to follow.

Here onwards, "Act" refers to "Income Tax Act 2025"

1. Section-458 as per act

If any Indian concern which is required to furnish any information or document under section 506, fails to do so, the prescribed income-tax authority under the said section, may direct that such Indian concern shall pay by way of penalty, a sum of—

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;
five lakh rupees, in any other case