Section 442 — Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions
(1) The Assessing Officer or Commissioner (Appeals) may impose a penalty
of 2% of the value of each international transaction or specified domestic
transaction entered into by a person, if in respect of such transaction he—
( a) fails to keep and maintain any such information and document as
required by section 171(1);
( b) fails to report such transaction which he is required to do so; or
( c) maintains or furnishes an incorrect information or document.
(2) The prescribed income-tax authority referred to in section 171(4) may impose a
penalty of ` 500000 on a person, if he fails to furnish the information and document
required under the said section.
Related sections
- Section 439 — Penalty for under-reporting and misreporting of income
- Section 440 — Waiver of penalty and immunity from prosecution.]
- Section 441 — Failure to keep, maintain or retain books of account, documents, etc
- Section 443 — Penalty in respect of certain income
- Section 444 — Penalty for false entry, etc., in books of account
- Section 445 — Benefits to related persons
- Section 446 — Penalty for failure to furnish information or for furnishing inaccurate information on transaction of crypto-asset
- Section 447 — Penalty for failure to furnish report under section 172
- Section 448 — Penalty for failure to deduct tax at source
- Section 449 — Penalty for failure to collect tax at source
- Section 450 — Penalty for failure to comply with provisions of section 185
- Section 451 — Penalty for failure to comply with provisions of section 186
- Section 452 — Penalty for failure to comply with provisions of section 187
- Section 453 — Penalty for failure to comply with provisions of section 188
- Section 454 — Penalty for failure to furnish statement of financial transaction or reportable account after a notice
- Section 455 — Penalty for furnishing inaccurate statement of financial transaction or reportable account
- Section 456 — Penalty for failure to furnish statement or information or document by an eligible investment fund
- Section 457 — Penalty for failure to furnish information or document under section 171
- Section 458 — Penalty for failure to furnish information or document under section 506
- Section 459 — Penalty for failure to furnish report or for furnishing inaccurate report under section 511
- Section 460 — Penalty for failure to submit statement under section 505
- Section 461 — Penalty for failure to furnish statements, etc
- Section 462 — Penalty for failure to furnish information or furnishing inaccurate information under section 397(3)(d)
- Section 463 — Penalty for furnishing incorrect information in reports or certificates
- Section 464 — Penalty for failure to furnish statements, etc
- Section 465 — Penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc
- Section 466 — Penalty for failure to comply with the provisions of section 254
- Section 467 — Penalty for failure to comply with the provisions of 14[sections 262 and 397]
- Section 468 — Penalty for failure to comply with the provisions of section 397
- Section 469 — Power to reduce or waive penalty, etc., in certain cases
- Section 470 — Penalty not to be imposed in certain cases
- Section 471 — Procedure
- Section 472 — Bar of limitation for imposing penalties