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of <h1>Income Tax Bill 2025 Clause 462 imposes one lakh rupee penalty for inaccurate information under section 397</h1> The Income Tax Bill 2025's Clause 462 introduces penalties for failing to furnish or providing inaccurate information under section 397(3)(d), imposing a fixed penalty of one lakh rupees. This provision mirrors Section 271I of the Income-tax Act 1961, which addresses similar compliance failures regarding payments to non-residents under section 195(6). Both provisions grant discretionary power to Assessing Officers to impose penalties without express reasonable cause defenses. The legislation aims to enhance transparency in cross-border transactions and deter tax evasion through strict liability penalties, though the rigid structure may create interpretative challenges regarding inadvertent errors and proportionality in enforcement.
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