What is Penalty for failure to furnish information or document under section 92D? What is Penalty for failure to furnish information or document under section 285A? Section 271G and 271GA of Income Tax Act 1961

Penalty for failure to furnish information or document under section 92D and Penalty for failure to furnish information or document under section 285Aare defined under section 271G and 271GA of Income Tax Act 1961. Provisions under these Sections are:

Section 271G of Income Tax Act "Penalty for failure to furnish information or document under section 92D"

Section 271G. If any person who has entered into an international transaction or specified domestic transaction fails to furnish any such information or document as required by sub-section (3) of section 92D, the Assessing Officer 94[or the Transfer Pricing Officer as referred to in section 92CA] or the Commissioner (Appeals) may direct that such person shall pay, by way of penalty, a sum equal to two per cent of the value of the international transaction or specified domestic transaction for each such failure.
Following section 271GA shall be inserted after section 271G by the Finance Act, 2015, w.e.f. 1-4-2016 :

 

Section 271GA of Income Tax Act "Penalty for failure to furnish information or document under section 285A"

Section 271GA. If any Indian concern, which is required to furnish any information or document under section 285A, fails to do so, the income-tax authority, as may be prescribed under the said section, may direct that such Indian concern shall pay, by way of penalty,-

(i) a sum equal to two per cent of the value of the transaction in respect of which such failure has taken place, if such transaction had the effect of directly or indirectly transferring the right of management or control in relation to the Indian concern;

(ii) a sum of five hundred thousand rupees in any other case.

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