Penalties under Transfer Pricing

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..... or document. Section 271AA 2% of the value of each international transaction or specific domestic transaction entered. [ Section 271AA(1) ] * If any person fails to furnish the information and the document as required u/s 92D(4), the prescribed income-tax authority * Every person being a constituent entity of an international group, failure to furnish Information & Documents [Master File] to .....

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..... 7; 5,000 per day [ Section 271GB(1)(a) ] * (b) Beyond 1 month * ₹ 15,000 per day for the period exceeding 1 month [ Section 271GB(1)(b) ] * Continuing default even after service of order levying penalty either under (a) or (b) above * ₹ 50,000 per day of continuing failure beginning from the date of service of order [ Section 271GB(3) ] Penalty for failure to produce informat .....

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..... the inaccuracy at the time of furnishing the report but fails to inform the prescribed authority; or * (b) the entity discovers the inaccuracy after the report is furnished and fails to inform the prescribed authority and furnish correct report within a period of 15 days of such discovery; or * (c) the entity furnishes inaccurate information or document in response to the notice issued u/s 28 .....

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