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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Penalty for late or incorrect Section 397(3)(b) statement: Rs.10,000-Rs.100,000 unless tax and interest paid within one month</h1> A person required to deliver the statement prescribed by section 397(3)(b) who fails to deliver it within the prescribed time or furnishes incorrect information may be liable to a penalty not less than Rs.10,000 and up to Rs.100,000, imposed by the Assessing Officer. No penalty for delay or non-filing under the delay provision will be levied if the person proves that the tax deducted or collected, together with any fee and interest, was paid to the Central Government and the statement was delivered within one month after the time prescribed in section 397(3)(b).
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