Section-467: Penalty for failure to comply with the provisions of section 262

Section-467 : Penalty for failure to comply with the provisions of section 262

Section-467 seeks to provide for imposition of penalty for failure to comply with the provisions of section 262. Learn to understand the section-467 as it is, it's help and useful links to follow.

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

1. Section-467 as per act

If a person fails to comply with the provisions of section 262, the Assessing Officer may impose a penalty of ten thousand rupees on him.
If a person, required to quote or intimate his permanent account number or Aadhaar number in any document as referred to in section 262(9)(a), provides or quotes or intimates a number which is false, knowing or believing it to be false, the Assessing Officer may impose a penalty of ten thousand rupees on him for each such default.
If a person fails to quote or authenticate his permanent account number or Aadhaar number in any document referred to in section 262(9)(a), the Assessing Officer may impose a penalty of ten thousand rupees on him for each such default.
If a person referred to in 262(9)(b) responsible for ensuring the correct quoting or authentication of permanent account number or Aadhaar number, in documents relating to transactions prescribed under section 262(9)(a) fails to do so, the Assessing Officer may impose a penalty of ten thousand rupees on him for each such default.