Section 457: Penalty for failure to furnish information or document under section 171

The Income-tax Act, 2025Central Act · Act 30 of 2025

Penalty for failure to furnish information or document under section 171.

If any person who has entered into an international transaction or specified domestic transaction fails to furnish any such information or document as required under section 171(2), a penalty equal to 2% of the value of such transaction may be imposed upon him for each such failure by the Assessing Officer or the Transfer Pricing Officer as referred to in section 166 or the Commissioner (Appeals).

Where this provision sits

Act	The Income-tax Act, 2025
Section	457
Marginal note	Penalty for failure to furnish information or document under section 171
Jurisdiction	Central
Status	In force as published by the source

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