Section 454: Penalty for failure to furnish statement of financial transaction or reportable account
The Income-tax Act, 2025Central Act · Act 30 of 2025
[Penalty for failure to furnish statement of financial transaction or reportable account after a notice.
Where any person, who is required to furnish a statement of financial transaction or reportable account under section 508(1), fails to furnish such statement or reportable account within the period specified in the notice issued under section 508(7), the income-tax authority prescribed under section 508(1) may impose on him, a penalty of Rs. 1000 for every day for which such failure continues, beginning from the day immediately after the period specified in such notice for furnishing such statement or reportable account expires and such penalty shall not exceed Rs. 100000.]
Penalty for failure to furnish statement of financial transaction or reportable account
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 454 read as under:"454. Penalty for failure to furnish statement of financial transaction or reportable account.—(1) If a person who is required to furnish a statement of financial transaction or reportable account under section 508(1), fails to furnish such statement within the time prescribed under sub-section (2) th…
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