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of <h1>Income Tax Bill 2025 Clause 458 sets 2% penalty for non-disclosure of indirect transfers</h1> Clause 458 of the Income Tax Bill, 2025 imposes penalties on Indian concerns that fail to furnish required information or documents under Section 506. The penalty is 2% of transaction value for transfers involving management or control rights, or five lakh rupees in other cases. This provision mirrors Section 271GA of the Income-tax Act, 1961, maintaining identical penalty structures and enforcement mechanisms. The clause aims to ensure compliance with disclosure requirements for indirect transfers and cross-border transactions, serving as a deterrent against non-compliance while supporting transparency in significant corporate transactions.
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