Income Tax Department

Ministry of Finance, Government of India

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Section 453

Penalty for failure to comply with provisions of section 188

Section

Section Number

453

Chapter

CHAPTER XXI - Penalties

Act

Income-tax Act, 2025

Year

2026

Penalty for failure to comply with provisions of section 188

Penalty for failure to comply with provisions of section 188.

453. If a person repays any loan or deposit or specified advance referred to in section 188 otherwise than in accordance with the provisions of that section, the Assessing Officer may impose on him, a penalty equal to the loan or deposit or specified advance so repaid.

Footnotes