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of <h1>Failure to Maintain Tax Records Under Section 62 May Lead to 25,000 Penalty Imposed by Tax Authorities.</h1> A penalty of twenty-five thousand rupees will be imposed on any individual who fails to keep, maintain, or retain books of account and related documents as required by section 62 or applicable rules for any tax year. This penalty can be levied by the Assessing Officer, Joint Commissioner (Appeals), or Commissioner (Appeals). The obligation includes maintaining the records as specified and retaining them for the period outlined in the relevant rules.
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