Income Tax Act 2023
Section 278 - Penalty for Failure to comply with the Provision under Section 238
(as updated till Finance Act 2024)
Where any person fails to comply with the provisions of section 238 of this Act, the Deputy Commissioner of Taxes may impose upon such person a penalty not exceeding 2% (two 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.