Section 429 — Fee for Default Relating to Statement or Information | ITA 2025

Section 429 of the Income-tax Act, 2025 corresponds to Penalty regime under s. 271 FA / 271K of the Income-tax Act, 1961. STATUTORY ARCHITECTURE Fees for failure to furnish statements like SFT ( s. 285 BA), accountant's report under…

Section 429 — - FEE FOR DEFAULT RELATING TO STATEMENT OR INFORMATION

Section 429 of the Income-tax Act, 2025 corresponds to Penalty regime under s. 271FA / 271K of the Income-tax Act, 1961.

Statutory text — Income-tax Act, 2025

(1) Without prejudice to the provisions of this Act, where,—

(a) the research association, University, college or other institution referred to in section 45(3)(a) or the company referred to in section 45(3)(b) fails to deliver or cause to be delivered the documents as may be prescribed in section 45(4)(a) within the time as may be prescribed therein or furnish a certificate as may be prescribed under section 45(4)(a); or

(b) the institution or fund fails to deliver or cause to be delivered a statement under section 354(1)(e), within the time as may be prescribed under that section, or furnish a certificate as may be prescribed under section 354(1)(g), it shall be liable to pay, by way of fee, a sum of ` 200 for every day during which the failure continues.

(2) The amount of fee referred to in sub-section (1) shall,—

(a) not exceed the amount in respect of which the failure referred to therein has occurred;

(b) be paid before delivering or causing to be delivered the statement or before furnishing the certificate referred to in sub-section (1). Fee for default relating to intimation of Aadhaar number.

Corresponding provision — 1961 regime

INCOME-TAX ACT, 2025	INCOME-TAX ACT, 1961
2025 provision	1961 counterpart
s. 429 -- Fee for Default Relating to Statement or Information	Penalty regime under s. 271FA / 271K

STATUTORY ARCHITECTURE

Fees for failure to furnish statements like SFT (s. 285BA), accountant's report under audit, transfer pricing report, etc. Specified amounts per default.

PRACTITIONER PLANNING NOTES

Maintain compliance calendar; SFT due 31-May post FY-end; major non-compliance cost.

CROSS-REFERENCES

s. 423 / 424 / 425 / 426 -- interest framework.
s. 412 (default & demand).
s. 446-448 (penalty Chapter).

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