Penalty re Failure to Furnish TP Information

Section 457 — - PENALTY RE FAILURE TO FURNISH TP INFORMATION

Section 457 of the Income-tax Act, 2025 corresponds to s. 271G of the Income-tax Act, 1961.

STATUTORY ARCHITECTURE

2% of international transaction value -- failure to furnish TP information or document under s. 506(1) [s. 92D] within prescribed period.

PRACTITIONER PLANNING NOTES

• Document submission timeline: within 30 days of TPO notice, extendable by 30 more days.

CROSS-REFERENCES

• s. 439 (under-reporting or misreporting -- master penalty).
• s. 440 (immunity application).
• s. 469 or 470 (waiver or reasonable-cause).
• s. 471 or 472 (procedure or limitation).