# The Finance Act, 2026, Section 101: Substitution of new section for section 446

- Act: The Finance Act, 2026 (Act 4 of 2026)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2026/section/101/

## 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)."

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