{"act":{"id":"finance-act-2026","short_title":"The Finance Act, 2026","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2026-2027.","act_number":"4","act_year":2026,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":167,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2026/"},"unit":"section","section":{"number":"101","heading":"Substitution of new section for section 446","text":"Substitution of new section for section 446. 101. For section 446 of the Income-tax Act, the following section shall be substituted, namely:— \"446. Penalty for failure to furnish information or for furnishing inaccurate information on transaction of crypto-asset.— (1) If any person who is required to furnish a statement in respect of a transaction of a crypto-asset under section 509(1), fails to furnish such statement within the time prescribed under the said section, the prescribed income-tax authority under that section may impose on him, a penalty of Rs. 200 for every day for which such failure continues. (2) The prescribed income-tax authority may impose a penalty of Rs. 50000 on a person referred in sub-section (1), if such person— (a) | provides inaccurate information in the statement and fails to remove such inaccuracy as per section 509(4); or (b) | fails to comply with due diligence the requirement under section 509(5).\"","html":"<p><b>Substitution of new section for section 446.</b></p><p><b>101.</b> For section 446 of the Income-tax Act, the following section shall be substituted, namely:—</p><p>\"446. <i>Penalty for failure to furnish information or for furnishing inaccurate information on transaction of crypto-asset.</i>— (1) If any person who is required to furnish a statement in respect of a transaction of a crypto-asset under section 509(1), fails to furnish such statement within the time prescribed under the said section, the prescribed income-tax authority under that section may impose on him, a penalty of Rs. 200 for every day for which such failure continues.</p><p>(<i>2</i>) The prescribed income-tax authority may impose a penalty of Rs. 50000 on a person referred in sub-section (1), if such person—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>provides inaccurate information in the statement and fails to remove such inaccuracy as per section 509(4); or</td></tr><tr><td>(<i>b</i>)</td><td></td><td>fails to comply with due diligence the requirement under section 509(5).\"</td></tr></table></div>","words":151,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2026/section/101/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}