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=48886 An assessing officer or Commissioner (Appeals) may impose a percentage-based penalty on each international or specified domestic transaction where a person fails to keep or maintain information and documents required by section 171(1), fails to report the transaction, or furnishes incorrect information; separately, the prescribed income-tax authority under section 171(4) may impose a fixed monetary penalty where a person fails to furnish the required information and documents. en-us Fri, 14 Feb 2025 14:07:46 +0530 Fri, 14 Feb 2025 14:07:46 +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=48886 An assessing officer or Commissioner (Appeals) may impose a percentage-based penalty on each international or specified domestic transaction where a person fails to keep or maintain information and documents required by section 171(1), fails to report the transaction, or furnishes incorrect information; separately, the prescribed income-tax authority under section 171(4) may impose a fixed monetary penalty where a person fails to furnish the required information and documents. Act-Rules Bills Fri, 14 Feb 2025 14:07:46 +0530 https://www.taxtmi.com/acts?id=48886