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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Bill 2015 introduces Section 271GA: Penalties for non-compliance with Section 285A from April 2016.</h1> Clause 72 of the Finance Bill, 2015 introduces section 271GA to the Income-tax Act, effective from April 1, 2016. This section imposes penalties on Indian concerns failing to provide required information or documents under section 285A. If the failure involves a transaction affecting the transfer of management or control rights, the penalty is two percent of the transaction's value. In other cases, the penalty is five hundred thousand rupees. This amendment applies to the assessment year 2016-17 and subsequent years.
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