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Penalty under Section 271GB for failure to furnish Master File:

ARs. 5,00,000
BRs. 1,00,000
CRs. 50,000
D2% of value
Answer & Solution
Correct answer: A. Rs. 5,00,000
1. Section 271GB penalises failure to furnish Master File/Local File/CbC report. 2. Master File (Form 3CEAA) failure: Rs. 5,00,000. 3. CbC report under 286: Rs. 5,000-50,000 per day depending on facts. _Source: ICAI BoS CA Final Paper 7, Ch 24 "Transfer Pricing"_
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