Section 271G → Section 354
Penalty for failure to furnish information or document under section 92D
Quick Answer
Section 271G of the Income Tax Act, 1961 (Penalty for failure to furnish information or document under section 92D) corresponds to Section 354 of the Direct Tax Code 2025 (Income-tax Act, 2025), effective 1st April 2026. Status: Retained.
Sec 271G
Provision Summary
Penalty of 2% of the value of the international transaction if the assessee fails to submit the requested TP documents to the AO/TPO during an audit.
Sec 354
Provision Summary
Retained. Supplements Section 271AA.
Key Changes & Highlights
- None.
Related Sections
Frequently Asked Questions
What does Section 271G of the Income Tax Act 1961 deal with?
Section 271G (Penalty for failure to furnish information or document under section 92D) Penalty of 2% of the value of the international transaction if the assessee fails to submit the requested TP documents to the AO/TPO during an audit.
What is the new section number for Section 271G under the Direct Tax Code 2025?
Section 271G of the ITA 1961 maps to Section 354 of the Direct Tax Code 2025 (Income-tax Act, 2025), effective from 1st April 2026.
What is the status of Section 271G under the new tax code?
Section 271G is marked as "Retained" with status "Active". Impact: High - Prevents stalling tactics by MNCs during TP audits.
What are the key changes to Section 271G under DTC 2025?
None.
Disclaimer: This page is for educational and reference purposes only. Section mappings are based on publicly available drafts and circulars. Always consult a qualified Chartered Accountant before filing or making compliance decisions under the Direct Tax Code 2025.
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