Section 442 — Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions
Old Act equivalent: Section 271AA of IT Act 1961 Sub-part: A—Penalties
Statutory Text
- (1) The Assessing Officer or Commissioner (Appeals) may impose a penalty of 2% of the value of each international transaction or specified domestic transaction entered into by a person, if in respect of such transaction he—
(a) fails to keep and maintain any such information and document as required by section 171(1);
(b) fails to report such transaction which he is required to do so; or
(c) maintains or furnishes an incorrect information or document. (2) The prescribed income-tax authority referred to in section 171(4) may impose a penalty of ` 500000 on a person, if he fails to furnish the information and document required under the said section.
Penalty in respect of certain income.
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Person who fails to keep/maintain prescribed information and documents for international transactions/specified domestic transactions.
- Conditions: Failure to keep/maintain information u/s 171; failure to report transaction; maintaining/furnishing incorrect information.
- Time limits: None specified.
- Monetary limits: 2% of value of each international transaction or specified domestic transaction; Rs. 5,00,000 for failure to furnish u/s 171(4).
- Exceptions: None.
Cross-References
- Section 171
Amendment Notes
None noted from the extracted pages.