Section-442: Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions

Section-442 : Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions

Section-442 seeks to impose penalty for failure to keep and maintain information and document, etc., in respect of certain transactions. Learn to understand the section-442 as it is, it's help and useful links to follow.

Here onwards, "Act" refers to "Income Tax Act 2025"

1. Section-442 as per act

The Assessing Officer or Commissioner (Appeals) may impose a penalty of 2% of the value of each international transaction or specified domestic transaction entered into by a person, if in respect of such transaction he,—
1. fails to keep and maintain any such information and document as required by section 171(1);
2. fails to report such transaction as he is required to do so; or
3. maintains or furnishes an incorrect information or document.
The prescribed income-tax authority referred to in section 171(4) may impose a penalty of five lakh rupees on a person, if he fails to furnish the information and document required under the said section.