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of <h1>Penalty for Late Submission of Statement Under Section 285 of Income Tax Act Effective April 1, 2025</h1> If a person required to submit a statement under section 285 of the Income Tax Act, 1961, fails to do so within the prescribed period, the Assessing Officer may impose a penalty. The penalty is one thousand rupees for each day of failure if the delay does not exceed three months. If the failure period exceeds three months, a penalty of one lakh rupees may be imposed. This provision is effective from April 1, 2025.
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