Advance tax misstatement penalties: officer may impose proportional penalties for untrue or omitted advance tax statements. An Income-tax Officer may direct payment of a penalty, in addition to tax, where an assessee has furnished an advance tax statement known or believed to be untrue or has without reasonable cause failed to furnish a required statement; the penalty is a proportionate surcharge tied to the shortfall between amounts paid or stated and the benchmark tax payable under correct disclosure, subject to prescribed minimum and maximum bounds, and the provision expands cross-references to cover various statements, estimates and notices under the advance tax regime.