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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New Penalty Rules for Failing to Maintain Required Tax Documents Under Section 271A of Income-tax Act, 1961</h1> Section 271A has been introduced to the Income-tax Act, 1961, through the Taxation Laws (Amendment) Act, 1975. This new provision mandates penalties for individuals who fail to keep, maintain, or retain required books of account and documents as per section 44AA or related rules. Without reasonable cause, such failure may result in a penalty ranging from 10% to 50% of the tax amount that would have been avoided if the reported income had been accepted as correct. The penalty is imposed by the Income-tax Officer or the Appellate Assistant Commissioner.
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