What is Failure to keep, maintain or retain books of account, documents, etc? What is Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions? Section 271A and 271AA of Income Tax Act 1961

Failure to keep, maintain or retain books of account, documents, etc and Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions are defined under section 271A and 271AA of Income Tax Act 1961. Provisions under these Sections are:

Section 271A of Income Tax Act "Failure to keep, maintain or retain books of account, documents, etc"

Section 271A. Without prejudice to the provisions of section 271, if any person fails to keep and maintain any such books of account and other documents as required by section 44AA or the rules made thereunder, in respect of any previous year or to retain such books of account and other documents for the period specified in the said rules, the Assessing Officer or the Commissioner (Appeals) may direct that such person shall pay, by way of penalty, a sum of twenty-five thousand rupees.

 

Section 271AA of Income Tax Act "Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions"

Section 271AA. Without prejudice to the provisions of section 271 or section 271BA, if any person in respect of an international transaction or specified domestic transaction,-

(i) fails to keep and maintain any such information and document as required by sub-section (1) or sub-section (2) of section 92D;

(ii) fails to report such transaction which he is required to do so; or

(iii) maintains or furnishes an incorrect information or document, the Assessing Officer or Commissioner (Appeals) may direct that such person shall pay, by way of penalty, a sum equal to two per cent of the value of each international transaction or specified domestic transaction entered into by such person.

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