TMI BlogPenalties under Transfer PricingX X X X Extracts X X X X X X X X Extracts X X X X ..... ch he is required to do so; or Failure to maintains or furnishes an incorrect information or document. Section 271AA 2% of the value of each international transaction or specific domestic transaction entered. [ Section 271AA(1) ] If any person fails to furnish the information and the document as required u/s 92D(4) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... saction or deemed International transaction to which the provision of Chapter X applies would constitute misreporting of Income Section 270A(9) 200% of the tax payable on under-reported income. Penalty for non-furnishing of the report by any reporting entity which is obliged to furnish such report u/s 286(2) . ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed authority within period allowed u/s 286(6) Section 271GB ₹ 5,000 per day of continuing failure, from the day immediately following the day on which the period for furnishing the information and document expires. [ Section 271GB(2) ] Continuing default even after service of penalty order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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