# The Finance Act, 2001, Section 88: Amendment of section 271AA

- Act: The Finance Act, 2001
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2001/section/88/

## Text

Insertion of new section 271AA. 88. After section 271A of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2002, namely:— "271AA. Penalty for failure to keep and maintain information and document in respect of international transaction.—Without preju­dice to the provisions of section 271, if any person fails to keep and maintain any such information and document as required by sub-section (1) or sub-section (2) of section 92D, the Assess­ing Officer or Commissioner (Appeals) may direct that such person shall pay, by way of penalty, a sum equal to two per cent of the value of each international transaction entered into by such person.". © Copyright. Taxmann Publications Pvt. Ltd.

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