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Section 458: Penalty for failure to furnish information or document under section 506

The Income-tax Act, 2025Central Act · Act 30 of 2025

Penalty for failure to furnish information or document under section 506.

If any Indian concern, which is required to furnish any information or document under section 506, fails to do so, the prescribed income-tax authority under the said section, may direct that such Indian concern shall pay by way of penalty, a sum of—

(a) 2% of the value of the transaction in respect of which such failure has taken place, if such transaction had the effect of directly or indirectly transferring the right of management or control in relation to the Indian concern;

(b) Rs. 500000, in any other case.

Where this provision sits

ActThe Income-tax Act, 2025
Section458
Marginal notePenalty for failure to furnish information or document under section 506
JurisdictionCentral
StatusIn force as published by the source

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