Income Tax Act, 2025
Section 10: Ins. by Act 28 of 2016, s. 100 (w.e.f. 12017).
10. Ins. by Act 28 of 2016, s. 100 (w.e.f. 12017).
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1[271A. Failure to keep, maintain or retain books of account, documents, etc.—Without prejudice
to the provisions of 2[section 270A or] section 271, if any person 3*** fails to keep and maintain any such
books of account and other documents as required by section 44AA or the rules made thereunder, in
respect of any previous year or to retain such books of account and other documents for the period
specified in the said rules, the 4[Assessing Officer] or the 5[*** Commissioner (Appeals)] may direct that
such person shall pay, by way of penalty, 6[ a sum of twenty-five thousand rupees].]
7[271AA. Penalty for failure to keep and maintain information and document, etc., in respect of
certain transactions.—8[(1)] Without prejudice to the provisions of 9[section 270A or] section
271 or section 271BA, if any person in respect of an 10[international transaction or specified domestic
transaction],—
(i) fails to keep and maintain any such information and document as required by sub-section (1)
or sub-section (2) of section 92D;
(ii) fails to report such transaction which he is required to do so; or
(iii) maintains or furnishes an incorrect information or document,
the Assessing Officer or Commissioner (Appeals) may direct that such person shall pay, by way of
penalty, a sum equal to two per cent. of the value of each 10[international transaction or specified
domestic transaction] entered into by such person.]
9[(2) If any person fails to furnish the information and the document as required under
sub-section (4) of section 92D, the prescribed income-tax authority referred to in the said sub-section may
direct that such person shall pay, by way of penalty, a sum of five hundred thousand rupees.]
11[271AAA. Penalty where search has been initiated.—(1) The Assessing Officer may,
notwithstanding anything contained in any other provisions of this Act, direct that, in a case where search
has been initiated under section 132 on or after the 1st day of June, 2007 12[but before the 1st day of
July, 2012], the assessee shall pay by way of penalty, in addition to tax, if any, payable by him, a sum
computed at the rate of ten per cent. of the undisclosed income of the specified previous year.
fails to keep and maintain any such information and document as required by sub-section
or sub-section
of section 92D;
fails to report such transaction which he is required to do so; or
maintains or furnishes an incorrect information or document,
the Assessing Officer or Commissioner
may direct that such person shall pay, by way of
penalty, a sum equal to two per cent. of the value of each 10[international transaction or specified
domestic transaction] entered into by such person.]
9[
If any person fails to furnish the information and the document as required under
sub-section
of section 92D, the prescribed income-tax authority referred to in the said sub-section may
direct that such person shall pay, by way of penalty, a sum of five hundred thousand rupees.]
11[271AAA. Penalty where search has been initiated.—
The Assessing Officer may,
notwithstanding anything contained in any other provisions of this Act, direct that, in a case where search
has been initiated under section 132 on or after the 1st day of June, 2007 12[but before the 1st day of
July, 2012], the assessee shall pay by way of penalty, in addition to tax, if any, payable by him, a sum
computed at the rate of ten per cent. of the undisclosed income of the specified previous year.