New Provision
Section 473, IT Act 2025
Replaces (IT Act 1961)
247. 275A
Chapter
Chapter XX — Penalties
Effective From
1 April 2026
Statutory Text — Section 473
oever contravenes any order referred to in section 247(4) shall be punishable with rigorous imprisonment which may extend to two years and shall also be liable to fine. Failure to comply with section 247(1)(ii). 474. If
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 473 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.