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          Income Tax

          What is the amount of penalty levied under section 271G?

          FAQs on Penalty provision under IT Act

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          Penalty under section 271G imposes a proportional levy on the value of international or specified domestic transactions for each failure. Penalty under section 271G imposes a levy equal to two percent of the value of the relevant international transaction or specified domestic transaction for each instance of failure to comply or report.
                            Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                              Provisions expressly mentioned in the judgment/order text.

                                  Penalty under section 271G imposes a proportional levy on the value of international or specified domestic transactions for each failure.

                                  Penalty under section 271G imposes a levy equal to two percent of the value of the relevant international transaction or specified domestic transaction for each instance of failure to comply or report.


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