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Home > Income Tax Act 2025 > Section-460Last Updated: Feb 18th 2025

Section-460 : Penalty for failure to submit statement under section 505

Learn to understand the section-460 as it is, it's help and useful links to follow.

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

New Income Tax Act 2025 Portal

1. Section-460 as per act

If a 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—

  1. one thousand rupees for every day for which the failure continues, if the period of failure does not exceed three months; or
  2. one lakh rupees in any other case.

2. Help and useful links for Section-460

  1. Income Tax Help Center
  2. Income Tax Act 2025 Home
  3. Self Service (DIY) Income Tax Filing made Easy
  4. Income Tax Penalties: What and When?



How to get help from EZTax.in



Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.