Section 470 of Income Tax Act 2025 in hindi
Irrespective of anything contained in the provisions of section 441 or 442 or 446 15[***] 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.
Summary
- No penalty will be charged to a taxpayer (assessee) for failures under specific listed sections if they can show a good, valid reason (reasonable cause) for the failure.
- This protection applies despite anything written in those individual penalty sections.
- The listed sections covered by this protection include Section 441 (maintaining and retaining account books), Section 442 (keeping records for transactions), and Section 446 (cryptocurrency transactions reporting).
- It also covers other sections like Section 448 (deducting tax), Section 449 (collecting tax), Section 465 (answering questions, signing statements, showing documents), and others up to Section 468.
Practical examples
FAQ
1. What is the main purpose of Section 470?
It ensures that no penalty is charged to a taxpayer if they can prove they had a reasonable cause (good, valid reason) for their failure.
2. Under which penalty sections can you claim this protection?
It applies to failures under many sections, including Section 441 (maintaining books), Section 442 (transaction documents), Section 446 (cryptocurrency reporting), Section 448 (deducting tax), and Section 468 (procedural filings).
3. What must a taxpayer do to get relief under Section 470?
The taxpayer must prove (provide sufficient evidence) that there was a reasonable cause (a good and valid reason) for the failure.
4. Does this protection cover all penalty provisions in the entire Act?
No, it only lists specific sections under Chapter XXI, such as Section 441, 442, 446, 448, 449, 450, 451, 452, 453, 454, 455, 456, 457, 458, 459, 460, 461, 462, 463, 465(1)(c), 465(1)(d), 465(2), 466, 467, and 468. Other penalties not listed are not covered by this specific section.
Test yourself
Q1.Under Section 470, what must a taxpayer prove to avoid a penalty?
Q2.Which of these penalty sections is NOT listed under Section 470's protective scope?
Q3.Does Section 470 protect against a penalty under Section 441 (failure to keep books of account)?
Q4.Under Section 470, who has the burden to show a valid reason for the failure?
Q5.Which section's penalty is related to cryptocurrency transactions and is covered under Section 470?