Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions

Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions https://www.taxtmi.com/acts?id=3418 Section 271AA makes failure to keep, report or the furnishing of incorrect information or documents for international transactions or specified domestic transactions punishable by a penalty equal to two percent of the value of each such transaction. Separately, failure to furnish information and documents as required under the specified sub section of section 92D authorises the prescribed income tax authority to impose a fixed monetary penalty of five hundred thousand rupees. en-us Sat, 19 Jan 2008 22:45:54 +0530 Tue, 05 Aug 2025 13:21:04 +0530 TaxTMI RSS Generator Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions https://www.taxtmi.com/acts?id=3418 Section 271AA makes failure to keep, report or the furnishing of incorrect information or documents for international transactions or specified domestic transactions punishable by a penalty equal to two percent of the value of each such transaction. Separately, failure to furnish information and documents as required under the specified sub section of section 92D authorises the prescribed income tax authority to impose a fixed monetary penalty of five hundred thousand rupees. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=3418