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of <h1>Income Tax Bill 2025 Clause 447 imposes one lakh rupee penalty for missing accountant's report under section 172</h1> The Income Tax Bill 2025's Clause 447 introduces a penalty provision for failure to furnish an accountant's report under section 172, imposing a fixed penalty of one lakh rupees. This provision mirrors the existing Section 271BA of the Income-tax Act 1961, which penalizes non-submission of accountant's reports under section 92E for transfer pricing matters. Both provisions grant discretionary authority to Assessing Officers to impose penalties and use identical penalty amounts. The new clause aims to ensure compliance with statutory reporting requirements, promote transparency, and deter non-compliance through monetary penalties, continuing the legislative trend toward robust compliance frameworks in complex tax matters.
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