461. Penalty for failure to furnish statements, etc.
(1)Where a person, who is required to deliver or causes to be delivered a statement prescribed in section 397(3)(b),—(a)fails to do so within the time prescribed in the said section; or(b)furnishes incorrect information in the said statement, the Assessing Officer may impose on such person, a penalty of a sum which shall not be less than ₹10000 but which may extend to ₹100000.(2)No penalty shall be levied under sub-section (1)(a) for delay in filing or non-filing of statement referred therein, if the person proves that—(a)tax deducted or collected along with the fee and interest, if any, was paid to the credit of the Central Government; and(b)the said statement was also delivered or cause to be delivered before the expiry of one month from the time prescribed in section 397(3)(b).[Similar to Section 271H from The Income Tax Act, 1961-Also Refer]
