Failure to maintain statutory books can attract a fixed penalty under income tax law for non-retention obligations. Section 441 prescribes a fixed monetary penalty where a person fails to keep and maintain books of account and other documents as per section 62 or rules, ... Summary
Failure to maintain statutory books can attract a fixed penalty under income tax law for non-retention obligations.
Section 441 prescribes a fixed monetary penalty where a person fails to keep and maintain books of account and other documents as per section 62 or rules, or fails to retain such books and documents for the period specified by those rules; the penalty may be imposed by the Assessing Officer or specified appellate officers.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.