Home Acts & Rules Income Tax Act Income-tax Act, 1961 Chapters List Chapter XXI PENALTIES IMPOSABLE This
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Section 271GA - Penalty for failure to furnish information or document under section 285A - Income-tax Act, 1961Extract 1 [ Penalty for failure to furnish information or document under section 285A 271GA. 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.] ---------------- Notes:- 1. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016
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