Penalty for failure to furnish statements applies unless tax deducted or collected is paid and statement filed within one month.

Section 461 permits the Assessing Officer to impose a monetary penalty where a person required to deliver the statement under section 397(3)(b) fails to do so within the prescribed time or furnishes incorrect information; however, no penalty shall be levied for delay or non-filing if the person proves that the tax deducted or collected, along with fee and interest if any, was paid to the Central Government and the statement was delivered within one month from the time prescribed in section 397(3)(b).

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