When a person, who has entered into an international transaction, fails to furnish information or document in relation to his international transaction to the Assessing Officer, he is liable to pay penalty of:

CS Executive · Tax Laws and Practice · PYQS · June 2019
When a person, who has entered into an international transaction, fails to furnish information or document in relation to his international transaction to the Assessing Officer, he is liable to pay penalty of:
(A) 1% of the value of International transaction
(B) 2% of the value of International transaction
(C) ₹1,50,000
(D) ₹5,00,000

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Income Tax Act, 1961

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