[i][446. Penalty for failure to furnish information or for furnishing inaccurate information on transaction of crypto-asset.
|
(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. |
|
(2) The prescribed income-tax authority may impose a penalty of ₹ 50000 on a person referred in sub-section (1), if such person— (a) provides inaccurate information in the statement and fails to remove such inaccuracy as per section 509(4); or (b) Fails to comply with due diligence the requirement under section 509(5).] |
[i] Section substituted by Section 101 of FA, 2026 wef 01-04-2026. Earlier it read as
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) ₹150000. |