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of <h1>New Tax Bill Clause 461: Penalties for Incorrect or Late Statements, Exceptions if Tax Paid Within One Month</h1> Clause 461 of the Income Tax Bill, 2025, establishes penalties for individuals who fail to submit or provide incorrect statements as required by section 397(3)(b). The penalty ranges from a minimum of ten thousand rupees to a maximum of one lakh rupees. However, no penalty will be imposed if the individual can demonstrate that the tax, along with any applicable fees and interest, was paid to the Central Government and that the statement was submitted within one month of the prescribed deadline.
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