2025Section 446
446. 10[Penalty for failure to furnish information or for furnishing inaccurate information on transaction of crypto-asset.
In the 1961 Act1 match · Unreviewed
- 1961 Section 271B
From the Income Tax Department's correspondence.
(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 Rs. 200 for every day for which such failure continues.
Footnotes
- 10.Sub. by Act No. 4 of 2026, w.e.f. 1-4-2026. Prior to its substitution, section 446 read as under : "446. Failure to get accounts audited.—If any person fails to get his accounts audited for any tax year or years or furnish the audit report as required under section 63, the Assessing Officer may impose a penalty on such person, which shall be the lesser of— (a) 0.5% of the total sales, turnover, or gross receipts in business, or the gross receipts in profession for such tax year or years; or (b) Rs. 150000."↩