Income-tax Act, 2025 · CHAPTER XXI — PENALTIES

Section 442Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions

Income-tax Act, 2025 (30 of 2025)

(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.

This section refers to

§ 171 Maintenance, keeping and furnishing of information and document by certain persons

Referenced by

§ 470 Penalty not to be imposed in certain cases