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of <h1>Non-compliance with Section 92D(4) can lead to Rs 500,000 penalty; Section 271AA imposes 2% penalty on transactions.</h1> The penalty under Section 271AA of the Income Tax Act is 2% of the value of each international or specified domestic transaction conducted by the taxpayer. If a constituent entity of an international group does not provide the necessary information and documents as stipulated under Section 92D(4), a penalty of Rs 500,000 may be imposed by the Director-General of Income-tax (Risk Assessment).
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