Section 271GACentral Act
Section 271GA: Penalty for failure to furnish information or document under section 285A. [Inserted by Finance Act, 2015 (No. 20 of 2015), dated 14.5.2015.]
Penalty for failure to furnish information or document under section 285A. [Inserted by Finance Act, 2015 (No. 20 of 2015), dated 14.5.2015.]
- 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.]Previous
Sec 271G — [ Penalty for failure to furnish information or document under section 92-D. [ Inserted by Act 14 of 2001, Section 91 (w.e.f. 1.4.2002).]
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Sec 271GB — Penalty for failure to furnish report or for furnishing inaccurate report under section 286
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