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of <h1>Income Tax Bill 2025 Clause 459 sets daily penalties up to INR 500,000 for multinational reporting non-compliance</h1> The Income Tax Bill 2025's Clause 459 establishes penalties for non-compliance with reporting requirements under section 511, targeting multinational enterprises and other reporting entities. The provision imposes daily penalties of INR 5,000 (up to one month) and INR 15,000 (beyond one month) for failure to furnish required reports. Additional penalties include INR 5,000 daily for failing to produce requested information, INR 50,000 daily for continued default after penalty orders, and INR 500,000 for furnishing inaccurate information. Clause 459 is substantially identical to existing Section 271GB of the Income-tax Act 1961, maintaining the same penalty structure and enforcement mechanisms while updating cross-references to align with the new legislative framework.
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