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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.

   
 

Income Tax Act 1961

What is Failure to furnish returns, comply with notices, concealment of income, etc? Section 271 of Income Tax Act 1961

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

What is Penalty where search has been initiated? What is Penalty where search has been initiated? Section 271AAA and 271AAB of Income Tax Act 1961

What is the meaning of Failure to get accounts audited? What is the Penalty for failure to furnish report under section 92E? Section 271B and 271BA of Income Tax Act 1961

What is the meaning of Failure to subscribe to the eligible issue of capital? What is Penalty for failure to deduct tax at source? Section 271BB and 271C of Income Tax Act 1961

What is Penalty for failure to collect tax at source? What is Penalty for failure to comply with the provisions of section 269SS? Section 271CA and 271D of Income Tax Act 1961

What is Penalty for failure to comply with the provisions of section 269T? What is Penalty for failure to furnish return of income? Section 271E and 271F of Income Tax Act 1961

What is Penalty for failure to furnish statement of financial transaction or reportable account? What is Penalty for furnishing inaccurate statement of financial transaction or reportable account? Section 271FA and 271FAA of Income Tax Act 1961

What is Penalty for failure to furnish statement or information or document by an eligible investment fund? What is Penalty for failure to furnish return of fringe benefits? Section 271FAB and 271FB of Income Tax Act 1961

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

What is Penalty for failure to furnish statements, etc? What is Penalty for failure to furnish information or furnishing inaccurate information under section 195? Section 271H and 271I of Income Tax Act 1961

 

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