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

1. Section-442 as per act

1. 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.
2. 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.

2. Help and useful links for Section-442

1. Income Tax Help Center
2. Income Tax Act 2025 Home
3. Income Tax Penalties: What and When?
4. Self Service (DIY) Income Tax Filing made Easy