Section 271G of Income Tax Act for AY 2023-24

Section 271G of Income Tax Act 1961 amended by Finance Act and IT Rules 1962. Penalty for failure to furnish information or document u/s 92D.

Amended and updated notes on section 271G of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Penalty for failure to furnish information or document under section 92D.

Chapter XXI (Sections 270A to 275) of the Income Tax Act 1961 deals with the provisions related to penalties imposable. Section 271G of IT Act 1961 provides for Penalty for failure to Penalty for failure to furnish information or document under section 92D.

Recently, we have discussed in detail section 271FAB (Penalty for failure to furnish statement or information or document by an eligible investment fund) of IT Act 1961. Today, we learn the provisions of section 271G of Income-tax Act 1961. The amended provision of section 271G is effective for financial year 2022-23 relevant to the assessment year 2023-24.

In this article, you will learn detail of the provisions of section 271G of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.

Section-271G: Penalty for failure to furnish information or document under section 92D

If any person who has entered into an international transaction or specified domestic transaction fails to furnish any such information or document as required by sub-section (3) of section 92D, the Assessing Officer or the Transfer Pricing Officer as referred to in section 92CA 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 or specified domestic transaction for each such failure.


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