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of <h1>Income Tax Bill 2025 Clause 464 imposes penalties up to Rs 1 lakh on tax-exempt entities for non-compliance</h1> The Income Tax Bill 2025's Clause 464 introduces penalties for tax-exempt entities failing to furnish required statements and certificates, succeeding Section 271K of the 1961 Act. The provision targets research associations, universities, colleges, and certain funds that enjoy tax benefits. Penalties range from Rs. 10,000 to Rs. 1,00,000, with discretionary authority vested in Assessing Officers. The clause maintains the same penalty structure as its predecessor but updates cross-references to align with the new Bill's sections. This reflects continued legislative intent to ensure compliance and transparency among tax-exempt entities through deterrent penalties.
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