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of <h1>Income Tax Bill 2025: Clause 457 imposes 2% penalty on non-compliance in international/domestic transactions under section 171(2).</h1> Clause 457 of the Income Tax Bill, 2025, imposes a penalty on individuals involved in international or specified domestic transactions who fail to provide required information or documents under section 171(2). The penalty is set at 2% of the transaction's value for each instance of non-compliance. This penalty can be enforced by the Assessing Officer, the Transfer Pricing Officer, or the Commissioner (Appeals) as specified in section 166.
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