New Provision
Section 470, IT Act 2025
Replaces (IT Act 1961)
273B
Chapter
Chapter XX — Penalties
Effective From
1 April 2026
Statutory Text — Section 470
respective of anything contained in the provisions of section 441 or 442 or 446 or 447 or 448 or 449 or 450 or 451 or 452 or 453 or 454 or 455 or 456 or 457 or 458 or 459 or 460 or 461 or 462 or 463 or 465(1)(c) or 465(1)(d) or 465(2) or 466 or 467 or 468, no penalty shall be imposed on a person or assessee for any failure referred to in the said provisions, if he proves that there was reasonable cause for the said failure. Procedure. 471. (1) N
Shahi & Co. — Our Understanding
This section falls under Chapter XX which prescribes penalties for various non-compliances under the Act.
Practical Note: Penalties under the Income Tax Act can be significant — often ranging from 50% to 200% of the tax amount involved. Voluntary disclosure and prompt correction of errors significantly reduces penalty exposure.
Shahi & Co., Chartered Accountants
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Disclaimer: This is a reproduction of Section 470 of the Income Tax Act, 2025 (No. 30 of 2025) as published in the Official Gazette of India (CG-DL-E-22082025-265620) for informational and reference purposes only. Shahi & Co., Chartered Accountants makes no warranty as to completeness or accuracy. For the official authenticated text refer to
egazette.gov.in or
incometaxindia.gov.in. This does not constitute legal or tax advice.