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Income-Tax & CTP Q15

0. The penalty under section 271G shall be levied @ 2% of the value of the specified domestic transaction for each such failure if the assessee fails to furnish any such information or document as is required to be furnished under section 92D(3).

  • Option : A
  • Explanation : As per section 271G, if any person who has entered into a specified domestic transaction fails to furnish any such information or document as is required to be furnished under section 92D(3), then the tax authorities may direct that such person shall pay, by way of penalty, a sum equal to 2% of the value of the specified domestic transaction for each such failure.
    Thus, the statement given in the question is true and hence, option (a) is the correct option.
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