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of <h1>Penalty for Missing Info on International Deals: 2% of Transaction Value Under Section 271G of Income-tax Act.</h1> Section 271G of the Income-tax Act, introduced by the Finance Act, 2001, effective from April 1, 2002, imposes a penalty for failing to provide information or documents related to international transactions as required by section 92D(3). If a person involved in such transactions fails to comply, the Assessing Officer or Commissioner (Appeals) may impose a penalty of two percent of the transaction's value for each instance of non-compliance.
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