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of <h1>Income Tax Bill 2025 Clause 461 sets penalties Rs 10,000-1,00,000 for incorrect TDS/TCS statements with one-month relief period</h1> The Income Tax Bill 2025's Clause 461 establishes penalties for failing to file prescribed statements or providing incorrect information, mirroring Section 271H of the 1961 Act. Penalties range from Rs. 10,000 to Rs. 1,00,000 at the Assessing Officer's discretion. Relief is available if tax, fees, and interest are paid and statements filed within one month of the due date. The provision maintains similar penalty quantum and discretionary relief mechanisms as existing law but references different sections for reporting obligations. The one-month grace period reflects stricter compliance expectations compared to the previous one-year relief period, emphasizing timely and accurate TDS/TCS statement filing.
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