Failure to keep, maintain or retain books of account, documents, etc.

Section 441 — Failure to keep, maintain or retain books of account, documents, etc.

Old Act equivalent: Section 271A of IT Act 1961 Sub-part: A—Penalties

Statutory Text

441. A penalty of ` 25000 may be imposed on a person by the Assessing Officer or the Joint Commissioner (Appeals) or the Commissioner (Appeals), if he fails to—

(a) keep and maintain the books of account and other documents as per section 62 or the rules made thereunder, in respect of any tax year; or

(b) retain such books of account and other documents for the period spec ified in the said rules. Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions.

Provisos

None.

Explanations

None.

Tables

None.

Key Structure

• Applies to: Person who fails to keep/maintain/retain books of account and documents as per section 62.
• Conditions: Failure to keep/maintain books as per section 62 or rules; or failure to retain for prescribed period.
• Time limits: None specified.
• Monetary limits: Rs. 25,000.
• Exceptions: None.

Cross-References

• Section 62

Amendment Notes

None noted from the extracted pages.

Practical Notes