Transfer Pricing Penalties ?

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  1. Nikil Mohan

    Nikil Mohan Member

    Sir, will you kindly explain the Transfer pricing penalties under Income tax Act ?
     
  2. Chandrashekar M

    Chandrashekar M Active Member

    The provisions mentioned in the Income-tax Act, 1961 in respect of transfer pricing matters are mentioned hereunder :

    Penalty for failure to keep and maintain information and document in respect of international transaction.

    271AA. Without prejudice to the provisions ofsection 271, if any person fails to keep and maintain any such information and document as required by sub-section (1) or sub-section (2) of section 92D, the Assessing Officer or Commissioner (Appeals) may direct that such person shall pay, by way of penalty, a sum equal to two per cent of the value of each international transaction entered into by such person.

    Penalty for failure to furnish information or document under section 92D.

    271G. 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.

    Penalty for failure to furnish report under section 92E.

    271BA. If any person fails to furnish a report from an accountant as required by section 92E, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of one hundred thousand rupees.
     
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