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Statutory Provisions

Home Acts & Rules Bill Bills FINANCE BILL, 2012 Chapters List Chapter III - Part 1 Direct Taxes - Income Tax This

Clause 97 - Amendment of section 271G. - FINANCE BILL, 2012

FINANCE BILL, 2012
Chapter III - Part 1
Direct Taxes - Income Tax
  • Contents

Amendment of section 271G.

97. In section 271G of the Income-tax Act, for the words “international transaction”, at both the places where they occur, the words “international transaction or specified domestic transaction” shall respectively be substituted with effect from the 1st day of April, 2013.

 



 

Notes on Clauses:

Clause 97 of the Bill seeks to amend section 271G of the Income-tax Act relating to penalty for failure to furnish information or document under section 92D.

The existing provision of the aforesaid section 271G provides that if any person who has entered into an international transaction fails to furnish any such information or document as required by sub-section (3) of section 92D, the Assessing Officer 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 international transaction for each such failure.

It is proposed to amend the aforesaid section to include therein the reference of “specified domestic transaction” so as to provide in the cases where the assessee fails to furnish any document or information as required by section 92D, a penalty of two per cent. of the value of the specified domestic transaction shall be levied in such cases.

This amendment will take effect from 1st April, 2013 and will, accordingly, apply in relation to the assessment year 2013-2014 and subsequent assessment years.

 
 
 
 

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