Section 446 Penalty for failure to furnish information or for furnishing inaccurate information on transaction of crypto-asset
- Chapter
- XXI · Penalties
- Amendments
- 1
Section 446 substituted by Finance Act, 2026, s. 101, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 446"Penalty for failure to furnish information or for furnishing inaccurate information on transaction of crypto-asset.—
Section 446 substituted by Finance Act, 2026, s. 101, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 446"(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 ₹ 200 for every day for which such failure continues.
Section 446 substituted by Finance Act, 2026, s. 101, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 446"(2) The prescribed income-tax authority may impose a penalty of ₹ 50000 on a person referred in sub-section (1), if such person—
Section 446 substituted by Finance Act, 2026, s. 101, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 446"(a) provides inaccurate information in the statement and fails to remove such inaccuracy as per section 509(4); or
Section 446 substituted by Finance Act, 2026, s. 101, dated 30th March, 2026, with effect from 1 April 2026. Earlier read: "section 446"(b) fails to comply with due diligence the requirement under section 509(5).