Income Tax Act, 2025
Section 11: Ins. by Act 18 of 2005, s. 59 (w.e.f. 12006).
11. Ins. by Act 18 of 2005, s. 59 (w.e.f. 12006).
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1[271G. Penalty for failure to furnish information or document under section 92D.—If any
person who has entered into an 2[international transaction or specified domestic transaction] fails to
furnish any such information or document as required by sub-section (3) of section 92D, the Assessing
Officer 3[or the Transfer Pricing Officer as referred to in section 92CA] or the Commissioner (Appeals)
may direct that such person shall pay, by way of penalty, a sum equal to two per cent of the value of the
2[international transaction or specified domestic transaction for each such failure.]
4[271GA. Penalty for failure to furnish information or document under section 285A.—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.]
5[271GB. Penalty for failure to furnish report or for furnishing inaccurate report under
section 286.—(1) If any reporting entity referred to in section 286, which is required to furnish the report
referred to in sub-section (2) of the said section, in respect of a reporting accounting year, fails to do so,
the authority prescribed under that section (herein referred to as prescribed authority) may direct that such
entity shall pay, by way of penalty, a sum of,—
(a) five thousand rupees for every day for which the failure continues, if the period of failure does
not exceed one month; or
(b) fifteen thousand rupees for every day for which the failure continues beyond the period of one
month.
(2) Where any reporting entity referred to in section 286 fails to produce the information and
documents within the period allowed under sub-section (6) of the said section, the prescribed authority
may direct that such entity shall pay, by way of penalty, a sum of five thousand rupees for every day
during which the failure continues, beginning from the day immediately following the day on which the
period for furnishing the information and document expires.
(3) If the failure referred to in sub-section (1) or sub-section (2) continues after an order has been
served on the entity, directing it to pay the penalty under sub-section (1) or, as the case may be, under
sub-section (2), then, notwithstanding anything contained in sub-section (1) or sub-section (2), the
prescribed authority may direct that such entity shall pay, by way of penalty, a sum of fifty thousand
rupees for every day for which such failure continues beginning from the date of service of such order.
(4) Where a reporting entity referred to in section 286 provides inaccurate information in the report
furnished in accordance with sub-section (2) of the said section and where—
(a) the entity has knowledge of the inaccuracy at the time of furnishing the report but fails to
inform the prescribed authority; or
(b) the entity discovers the inaccuracy after the report is furnished and fails to inform the
prescribed authority and furnish correct report within a period of fifteen days of such discovery; or
(c) the entity furnishes inaccurate information or document in response to the notice issued under
sub-section (6) of section 286,
then, the prescribed authority may direct that such person shall pay, by way of penalty, a sum of five lakh
rupees.]
of section 92D, the Assessing
Officer 3[or the Transfer Pricing Officer as referred to in section 92CA] or the Commissioner
may direct that such person shall pay, by way of penalty, a sum equal to two per cent of the value of the
2[international transaction or specified domestic transaction for each such failure.]
4[271GA. Penalty for failure to furnish information or document under section 285A.—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,—
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;
a sum of five hundred thousand rupees in any other case.]
5[271GB. Penalty for failure to furnish report or for furnishing inaccurate report under
section 286.—
If any reporting entity referred to in section 286, which is required to furnish the report
referred to in sub-section
of the said section, in respect of a reporting accounting year, fails to do so,
the authority prescribed under that section (herein referred to as prescribed authority) may direct that such
entity shall pay, by way of penalty, a sum of,—
five thousand rupees for every day for which the failure continues, if the period of failure does
not exceed one month; or
fifteen thousand rupees for every day for which the failure continues beyond the period of one
month.
Where any reporting entity referred to in section 286 fails to produce the information and
documents within the period allowed under sub-section
of the said section, the prescribed authority
may direct that such entity shall pay, by way of penalty, a sum of five thousand rupees for every day
during which the failure continues, beginning from the day immediately following the day on which the
period for furnishing the information and document expires.
If the failure referred to in sub-section
or sub-section
continues after an order has been
served on the entity, directing it to pay the penalty under sub-section
or, as the case may be, under
sub-section
or sub-section
Where a reporting entity referred to in section 286 provides inaccurate information in the report
furnished in accordance with sub-section
of the said section and where—
the entity has knowledge of the inaccuracy at the time of furnishing the report but fails to
inform the prescribed authority; or
the entity discovers the inaccuracy after the report is furnished and fails to inform the
prescribed authority and furnish correct report within a period of fifteen days of such discovery; or
the entity furnishes inaccurate information or document in response to the notice issued under
sub-section
of section 286,
then, the prescribed authority may direct that such person shall pay, by way of penalty, a sum of five lakh
rupees.]