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 - Section 271AA https://www.taxtmi.com/manuals?id=1648 Where a person in respect of international transactions or specified domestic transactions fails to keep or maintain records required by section 92D(1) or 92D(2), fails to report such transactions, or furnishes incorrect information or documents, the Assessing Officer or Commissioner (Appeals) may direct a penalty equal to two per cent of the value of each such transaction. Separately, failure to furnish information and documents as required under section 92D(4) allows the prescribed income tax authority to direct a fixed monetary penalty of five lakh rupees. en-us Mon, 24 Jul 2017 10:54:00 +0530 Tue, 20 Aug 2024 18:33:00 +0530 TaxTMI RSS Generator Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions - Section 271AA https://www.taxtmi.com/manuals?id=1648 Where a person in respect of international transactions or specified domestic transactions fails to keep or maintain records required by section 92D(1) or 92D(2), fails to report such transactions, or furnishes incorrect information or documents, the Assessing Officer or Commissioner (Appeals) may direct a penalty equal to two per cent of the value of each such transaction. Separately, failure to furnish information and documents as required under section 92D(4) allows the prescribed income tax authority to direct a fixed monetary penalty of five lakh rupees. Manuals Income Tax Mon, 24 Jul 2017 10:54:00 +0530 https://www.taxtmi.com/manuals?id=1648