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of <h1>Penalty of 25,000 for Not Maintaining Books as Required by Section 44AA, Under Section 271A of Income Tax Act.</h1> Section 271A of the Income Tax Act stipulates a penalty of 25,000 for individuals who fail to keep, maintain, or retain books of account and documents as required by section 44AA and related rules. This penalty can be imposed by the Assessing Officer, Joint Commissioner (Appeal), or Commissioner (Appeals) if the person does not comply with the documentation requirements for any previous year or fails to retain the necessary records for the specified period. This provision operates alongside sections 270A and 271.
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