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=51987 Where a person enters into an international or specified domestic transaction and fails to keep or maintain required information and documents, fails to report the transaction, or furnishes incorrect information or documents, the Assessing Officer or Commissioner (Appeals) may impose a penalty calculated as a percentage of the value of each such transaction. Separately, the prescribed income-tax authority may impose a fixed monetary penalty for failure to furnish the required information and documents under the reporting provision. en-us Thu, 14 Aug 2025 18:27:43 +0530 Mon, 08 Sep 2025 14:39:24 +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=51987 Where a person enters into an international or specified domestic transaction and fails to keep or maintain required information and documents, fails to report the transaction, or furnishes incorrect information or documents, the Assessing Officer or Commissioner (Appeals) may impose a penalty calculated as a percentage of the value of each such transaction. Separately, the prescribed income-tax authority may impose a fixed monetary penalty for failure to furnish the required information and documents under the reporting provision. Act-Rules Income Tax Thu, 14 Aug 2025 18:27:43 +0530 https://www.taxtmi.com/acts?id=51987