§ 457
Chapter XXI — Penalties
Penalty for failure to furnish information or document under section 171
Income-tax Act, 2025
If a taxpayer involved in an international or specified domestic transaction does not provide the information or documents required under section 171(2), a penalty is levied.
The penalty equals 2% of the transaction value for each failure, and may be imposed by the Assessing Officer, Transfer Pricing Officer, or the Commissioner (Appeals).
📜 Official text of the section +
457. If any person who has entered into an international transaction or specified
domestic transaction fails to furnish any such information or document as
required under section 171(2), a penalty equal to 2% of the value of such transac -
tion may be imposed upon him for each such failure by the Assessing Officer or the
Transfer Pricing Officer as referred to in section 166 or the Commissioner (Appeals).
Penalty for failure to furnish information or document under section 506.
Plain-language summary — not the official text. Refer to the bare Act and confirm with a professional for your specific case.
Related sections
§ 439Penalty for under-reporting and misreporting of income§ 440[ (1) An assessee may make an application to the Assessing Officer to grant§ 441Failure to keep, maintain or retain books of account, documents, etc§ 442Penalty for Non‑Compliance with Transaction Reporting§ 443Penalty in respect of certain income§ 444Penalty for false entry, etc., in books of account