Section-461: Penalty for failure to furnish statements, etc

Section-461 : Penalty for failure to furnish statements, etc

Section-461 seeks to provide for imposition of penalty for failure to submit statement as required under section 397(3)(b). Learn to understand the section-461 as it is, it's help and useful links to follow.

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

1. Section-461 as per act

Where a person, who is required to deliver or causes to be delivered a statement prescribed in section 397(3)(b)., fails to do so within the time prescribed in the said section, or 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 ten thousand rupees but which may extend to one lakh rupees.
No penalty shall be levied under sub-section (1) for delay in filing or non-filing of statement referred therein, if the person proves that—
1. tax deducted or collected along with the fee and interest, if any, was paid to the credit of the Central Government; and
2. the said statement was also delivered before the expiry of one month from the time prescribed in section 397(3)(b).