The provisions mentioned in the Income-tax Act, 1961 in respect of transfer pricing matters are mentioned hereunder :
271AA. Without prejudice to the provisions of section 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.
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.
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.
Stringent penalties can be levied by tax authorities in India and you can avoid them by proper planning on transfer pricing and also avoid greater tax risk by consulting us.
T P India Services | |
Mobile: | +91 - 09701560975 |
Email: | tpindia@transferpricing-india.com |
Contact Us |