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of <h1>Penalty up to 2% for failing to maintain or report international transaction info under Income Tax rules</h1> A person involved in international or specified domestic transactions who fails to keep and maintain required information and documents, fails to report such transactions, or provides incorrect information may be penalized. The penalty imposed can be up to two percent of the value of each such transaction. Additionally, if the person fails to furnish the required information and documents as mandated, the prescribed income-tax authority may impose a penalty of five hundred thousand rupees. These provisions apply without prejudice to penalties under related sections of the Income-tax Act and are intended to ensure compliance with documentation and reporting requirements in specified transactions.
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