Section 460 Penalty for failure to submit statement under section 505
- Chapter
- XXI · Penalties
If any person required to furnish statement under section 505, fails to do so within the period prescribed under that section, the Assessing Officer may impose on him, a penalty of—
(a) ₹1000 for every day for which the failure continues, if the period of failure does not exceed three months; or
(b) ₹100000 in any other case.