Income tax penalty: Rs.10,000 for noncompliance with section 397 or knowingly quoting a false TAN. The Assessing Officer may impose a penalty of Rs.10,000 where a person fails to comply with the provisions of section 397. A penalty of Rs.10,000 also ... Summary
Income tax penalty: Rs.10,000 for noncompliance with section 397 or knowingly quoting a false TAN.
The Assessing Officer may impose a penalty of Rs.10,000 where a person fails to comply with the provisions of section 397. A penalty of Rs.10,000 also applies if a person required to quote their Tax Deduction and Collection Account Number in challans, certificates, statements or other documents under section 397(1)(b) quotes a number that is false, knowing or believing it to be false.
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