Clause 428 - Fee for default in furnishing return of income. - Income Tax Bill, 2025

Fee for default in furnishing return of income. 428. Without prejudice to the provisions of this Act, where, a person required to furnish a return of income under section 263 fails to do so within the time as prescribed in section 263(1) he shall pay, by way of a fee, (a) a sum of five thousand rupees, if the total income of such person exceeds five lakh rupees; (b) a sum not exceeding one thousand rupees in any other case.