February 12, 2025

If any person fails to furnish a report from an accountant as required by section 172, the Assessing Officer may impose a penalty of one lakh rupees on such person.

(1) If any person fails to— (a) deduct the whole or in part, the tax as required under Chapter XIX-B; or(b) pay or ensure the payment of, the whole or any part of the tax as required by or under— (i) Note 3 in Table in section 393(3); or(ii) Note 6 to section 393(1) (Table: Sl.

(1) If any person fails to collect the whole or in part, the tax as required under Chapter XIX-B, the Assessing Officer may impose on him, a penalty equal to the tax which such person failed to collect. Related Resources New Income Tax Act, 2025 vs Old Income Tax Act, 1961

If a person takes or accepts any loan or deposit or specified sum in contravention of the provisions of section 185, the Assessing Officer may impose on him, a penalty equal to the amount of the loan or deposit or specified sum so taken or accepted.

The Assessing Officer may impose on a person, a penalty equal to the sum received by him in contravention of the provisions of section 186 exceptwhere he proves that there were good and sufficient reasons for the said contravention.

The Assessing Officer may impose on a person, a penalty of five thousand rupees for every day of the duration of failure where he fails to provide afacility for accepting payments through the prescribed electronic modes of payment, as referred to in section 187 except when he proves that there were good and sufficient reason

If a person repays any loan or deposit or specified advance referred to in section 188 otherwise than in accordance with the provisions of that section, theAssessing Officer may impose on him, a penalty equal to the loan or deposit or specified advance so repaid

(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) thereof, the incometax authority prescribed under the said sub-section (1) may impose on him, a penalty of five hundred rupees for every day

(1) The prescribed income-tax authority referred to in section 508 may direct that a person required to furnish a statement under sub-section (1) of the saidsection shall pay penalty of fifty thousand rupees, if such person—(a) provides inaccurate information in the statement or fails to furnish correct information within the period specified under section 508(8);

If any eligible investment fund required to furnish a statement or any information or document under section 9(12)(e) [section 9A (5)], fails todo so within the time prescribed under that section, the income-tax authority prescribed under the said section may direct that such fund shall pay, by wayof penalty, a sum of five lakh rupees.