Section 446: Penalty for failure to furnish information or for furnishing inaccurate information on transaction of crypto-asset
The Income-tax Act, 2025Central Act · Act 30 of 2025
[Penalty for failure to furnish information or for furnishing inaccurate information on transaction of crypto-asset.
(1) If any person who is required to furnish a statement in respect of a transaction of a crypto-asset under section 509(1), fails to furnish such statement within the time prescribed under the said section, the prescribed income-tax authority under that section may impose on him, a penalty of Rs. 200 for every day for which such failure continues.
(2) The prescribed income-tax authority may impose a penalty of Rs. 50000 on a person referred in sub-section (1), if such person—
(a) provides inaccurate information in the statement and fails to remove such inaccuracy as per section 509(4); or
(b) fails to comply with due diligence the requirement under section 509(5).]
Penalty for failure to furnish information or for furnishing inaccurate information on transaction of crypto-asset
Jurisdiction
Central
Status
In force as published by the source
How this provision has been amended
Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.
substituted, Act No. 4 of 2026. Sub. by Act No. 4 of 2026, w.e.f. 1-4-2026. Prior to its substitution, section 446 read as under : "446. Failure to get accounts audited.—If any person fails to get his accounts audited for any tax year or years or furnish the audit report as required under section 63, the Assessing Officer may impose a penalty on such person, which shall be the lesser of— (a) 0.5% of the total sales, turnover, o…
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