Penalty for documentation failures in international or specified domestic transactions: AO may levy percentage based penalty or fixed statutory fine. Section 271AA makes failure to keep, report or the furnishing of incorrect information or documents for international transactions or specified domestic transactions punishable by a penalty equal to two percent of the value of each such transaction. Separately, failure to furnish information and documents as required under the specified sub section of section 92D authorises the prescribed income tax authority to impose a fixed monetary penalty of five hundred thousand rupees.