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of <h1>New Section 271AA Enforces Stricter Penalties for Non-Compliance in International Transactions Under Finance Bill 2012</h1> Clause 93 of the Finance Bill, 2012, proposes to replace section 271AA of the Income-tax Act, effective July 1, 2012. The new section imposes penalties on individuals involved in international transactions if they fail to maintain required documentation as per section 92D, fail to report such transactions, or provide incorrect information. The penalty is two percent of the transaction value. This amendment broadens the scope of penalties to include failures in reporting and inaccuracies in the information provided, in addition to the existing requirements for maintaining documentation.
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