{"id":4854,"date":"2018-03-07T16:06:35","date_gmt":"2018-03-07T10:36:35","guid":{"rendered":"https:\/\/www.hostbooks.com\/in\/?p=4854"},"modified":"2018-03-07T16:06:35","modified_gmt":"2018-03-07T10:36:35","slug":"section-271aa-penalty-failure-keep-maintain-information-document-etc-respect-certain-transactions","status":"publish","type":"post","link":"https:\/\/www.hostbooks.com\/in\/hb\/income-tax-act-1961\/section-271aa-penalty-failure-keep-maintain-information-document-etc-respect-certain-transactions\/","title":{"rendered":"Section &#8211; 271AA : Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions"},"content":{"rendered":"<p>271AA. 71-74[(1)] Without prejudice to the provisions of 71-74[section 270A or] section 271 or section 271BA, if any person in respect of an international transaction or specified domestic transaction,\u2014<\/p>\n<p>  (i)\tfails to keep and maintain any such information and document as required by sub-section (1) or sub-section (2) of section 92D;<\/p>\n<p> (ii)\tfails to report such transaction which he is required to do so; or<\/p>\n<p>(iii)\tmaintains or furnishes an incorrect information or document,<\/p>\n<p>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 or specified domestic transaction entered into by such person.<\/p>\n<p>71-74[(2) If any person fails to furnish the information and the document as required under sub-section (4) of section 92D, the prescribed income-tax authority referred to in the said sub-section may direct that such person shall pay, by way of penalty, a sum of five hundred thousand rupees.]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>271AA. 71-74[(1)] Without prejudice to the provisions of 71-74[section 270A or] section 271 or section<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false},"author":68,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5851,446],"tags":[],"yst_prominent_words":[5889,5890,5892,2926,366,4003,5891,2904,2869,2858,1549,458,1698,2927,2862,906,2906,2920,2868,2859],"_links":{"self":[{"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/posts\/4854"}],"collection":[{"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/users\/68"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/comments?post=4854"}],"version-history":[{"count":0,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/posts\/4854\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/media?parent=4854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/categories?post=4854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/tags?post=4854"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/yst_prominent_words?post=4854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}