Penalty for failure to furnish statements, etc.
[As per the Income Tax Act, 2025 (this Act) w.e.f. 1st April, 2026.]
The Assessing Officer may impose a penalty which shall not be less than ten thousand rupees but which may extend up to one lakh rupees on—
- (a) the research association, University, college or other institution referred to in section 45, if it fails to deliver or furnish the documents as prescribed under section 45(4)(a); or
- (b) the institution or fund, if it fails to deliver or cause to be delivered a statement within the time prescribed under section 354(1)(e) or (f), or furnish a certificate prescribed under section 354(1)(g).
