Clause 441 imposes INR 25,000 penalty for failure to maintain tax records under Section 62, with strict liability rules.

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....Clause 441 of the Income Tax Bill, 2025 imposes a fixed penalty of INR 25,000 for failure to keep, maintain, or retain books of account and documents as required under Section 62 or relevant rules, mirroring the existing Section 271A of the Income-tax Act, 1961. Both provisions aim to ensure compliance with statutory record-keeping obligations essential for tax assessment and deterrence of evasion. Clause 441 authorizes assessing officers and appellate authorities to impose penalties but lacks a "without prejudice" clause present in Section 271A, potentially affecting cumulative penalty applications. Neither provision allows a defense of reasonable cause, enforcing strict liability. The fixed penalty promotes certainty but may raise proport.........