Section 271BA specifies that if a person fails to furnish the report from the Chartered Accountant u/s 92E, then the Assessing Officer may direct the person to pay penalty of Rupees One lakh.
Section 92E: Report from a Chartered Accountant to be furnished by persons entering into international transactions.
Every person who has entered into specified domestic transactions during the previous year shall obtain a report from the Chartered Accountant.
| Section | Nature of default | Minimum penalty | Maximum penalty |
| (1) | (2) | (3) | (4) |
| 271BA | Failure to furnish report under section 92E (applicable from April 1, 2002) | Rs. 1,00,000 |
Reference:
Section 271BA, of the Income tax act, 1961-
Penalty for failure to furnish report u/s 92E : Section 271BA
If any person fails to furnish a report from the Chartered 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.
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 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.
Maintenance and keeping of information and document by persons entering into an international transaction [or specified domestic transaction] under sec 92D:
(1) Every person who has entered into an international transaction [or specified domestic transaction] shall keep and maintain such information and document in respect thereof, as may be prescribed.
(2) Without prejudice to the provisions contained in sub-section (1), the Board may prescribe the period for which the information and document shall be kept and maintained under that sub-section.
(3) The Assessing Officer or the Commissioner (Appeals) may, in the course of any proceeding under this Act, require any person who has entered into an international transaction [or specified domestic transaction] to furnish any information or document in respect thereof, as may be prescribed under sub-section (1), within a period of thirty days from the date of receipt of a notice issued in this regard:
Provided that the Assessing Officer or the Commissioner (Appeals) may, on an application made by such person, extend the period of thirty days by a further period not exceeding thirty days.