Penalty re Indian Concern Failure to Furnish Information re Foreign Co

Section 458 — - PENALTY RE INDIAN CONCERN FAILURE TO FURNISH INFORMATION RE FOREIGN CO

Section 458 of the Income-tax Act, 2025 corresponds to s. 271GA of the Income-tax Act, 1961.

STATUTORY ARCHITECTURE

INR 5,00,000 for failure of Indian concern (where indirect transfer of Indian asset triggered s. 9 deeming) to provide information about foreign company holdings.

PRACTITIONER PLANNING NOTES

• Vodafone-style indirect-transfer reporting; mandatory under specified threshold.

CROSS-REFERENCES

• s. 439 (under-reporting or misreporting -- master penalty).
• s. 440 (immunity application).
• s. 469 or 470 (waiver or reasonable-cause).
• s. 471 or 472 (procedure or limitation).