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of <h1>Income Tax Bill 2025: Clause 454 imposes daily penalties for late submission of financial statements under Section 508.</h1> Clause 454 of the Income Tax Bill, 2025, outlines penalties for failing to furnish a required statement of financial transaction or reportable account. If an individual does not submit the statement within the prescribed time under section 508(1), a penalty of five hundred rupees per day is imposed for each day of delay. If the statement is not submitted within the period specified in a notice under section 508(7), the penalty increases to one thousand rupees per day, starting immediately after the specified deadline expires.
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