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of <h1>Income Tax Bill 2025: Penalties for Non-Compliance in Transactions Under Clause 442 and Section 171(4) Outlined</h1> Clause 442 of the Income Tax Bill, 2025, outlines penalties for failing to maintain or report required information and documents for certain transactions. An Assessing Officer or Commissioner (Appeals) can impose a penalty of 2% of the transaction value for international or specified domestic transactions if a person fails to maintain or report necessary information, or provides incorrect information. Additionally, a penalty of five lakh rupees may be imposed by the prescribed income-tax authority if a person fails to furnish the required information and documents as stipulated under section 171(4).
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