Penalty for failure to furnish statements: discretionary fines with short grace period where tax is paid and statement filed promptly.
Clause 461 creates a penalty for failure to deliver statements under section 397(3)(b) or for furnishing incorrect information, authorising the Assessing Officer to impose a discretionary monetary penalty equivalent in range to the existing Section 271H. Clause 461(2) exempts penalty where tax, fee and interest are paid to the Central Government and the statement is filed within a short grace period, thereby balancing deterrence with relief for prompt substantive compliance while leaving procedural safeguards and definitions, such as "incorrect information," unclearly specified.