Section 460 of Income Tax Act, 2025 : Penalty for failure to submit statement under section 505.

If a 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) one thousand rupees for every day for which the failure continues, if the period of failure does not exceed three months; or
(b) one lakh rupees in any other case.