Income Tax Act 2023
Section 276 - Penalty for Failure to comply with the Provision under Section 235
(as updated till Finance Act 2024)
Where any person fails to comply with the notice or requisition under section 235 of this Act, the Deputy Commissioner of Taxes may impose upon such person a penalty not exceeding 1% (one percent) of the value of each international transaction entered into by such person.
Disclaimer: This is the authentic English text of the Income Tax Act 2023, as published under SRO No. 404-Law/2025 dated 08 October 2025. In the event of any inconsistency or conflict between the content on this website and the official Government publications or gazette notifications relating to laws, rules, regulations or SROs, the official Government publications and notifications shall prevail.