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Home Acts & Rules Income Tax Act Income-tax Act, 1961 Chapters List Chapter XXI PENALTIES IMPOSABLE This

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Section 270A - Penalty for under-reporting and misreporting of income. - Income-tax Act, 1961

Extract

..... the first time under section 148]; (c) the income reassessed is greater than the income assessed or reassessed immediately before such reassessment; (d) the amount of deemed total income assessed or reassessed as per the provisions of section 115JB or section 115JC, as the case may be, is greater than the deemed total income determined in the return processed under clause (a) of sub-section (1) of section 143; (e) the amount of deemed total income assessed as per the provisions of section 115JB or section 115JC is greater than the maximum amount not chargeable to tax, where 3[no return of income has been furnished or where return has been furnished for the first time under section 148]; (f) the amount of deemed total income reassessed as pe .....

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Section 270A - Penalty for under-reporting and misreporting of income. - Income-tax Act, 1961

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..... tion 115JB or section 115JC (herein called general provisions); B = the total income that would have been chargeable had the total income assessed as per the general provisions been reduced by the amount of under-reported income; C = the total income assessed as per the provisions contained in section 115JB or section 115JC; D = the total income that would have been chargeable had the total income assessed as per the provisions contained in section 115JB or section 115JC been reduced by the amount of under-reported income: Provided further that where the amount of under-reported income on any issue is considered both under the provisions contained in section 115JB or section 115JC and under general provisions, such amount shall not be reduc .....

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Section 270A - Penalty for under-reporting and misreporting of income. - Income-tax Act, 1961

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..... st preceding year is not sufficient to cover the receipt, deposit or investment, the year immediately preceding the first preceding year and so on. (6) The under-reported income, for the purposes of this section, shall not include the following, namely:- (a) the amount of income in respect of which the assessee offers an explanation and the Assessing Officer or the Commissioner (Appeals) or the Commissioner or the Principal Commissioner, as the case may be, is satisfied that the explanation is bona fide and the assessee has disclosed all the material facts to substantiate the explanation offered; (b) the amount of under-reported income determined on the basis of an estimate, if the accounts are correct and complete to the satisfaction of th .....

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Section 270A - Penalty for under-reporting and misreporting of income. - Income-tax Act, 1961

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..... be the following, namely:- (a) misrepresentation or suppression of facts; (b) failure to record investments in the books of account; (c) claim of expenditure not substantiated by any evidence; (d) recording of any false entry in the books of account; (e) failure to record any receipt in books of account having a bearing on total income; and (f) failure to report any international transaction or any transaction deemed to be an international transaction or any specified domestic transaction, to which the provisions of Chapter X apply. (10) The tax payable in respect of the under-reported income shall be- (a) where 2[no return of income has been furnished or where return has been furnished for the first time under section 148] and the income .....

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Section 270A - Penalty for under-reporting and misreporting of income. - Income-tax Act, 1961

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  1. Chapter X - Income-tax Act, 1961 - Income-tax Act, 1961
  2. Section 92D - Maintenance, keeping and furnishing of information and document by certain persons - Income-tax Act, 1961
  3. Section 56 - Income from other sources - Income-tax Act, 1961
  4. Section 279 - Prosecution to be at instance of Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner - Income-tax Act, 1961
  5. Section 273A - Power to reduce or waive penalty, etc., in certain cases - Income-tax Act, 1961
  6. Section 271AAC - Penalty in respect of certain income. - Income-tax Act, 1961
  7. Section 271AAB - Penalty where search has been initiated - Income-tax Act, 1961
  8. Section 271AA - Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions - Income-tax Act, 1961
  9. Section 271A - Failure to keep, maintain or retain books of account, documents, etc. - Income-tax Act, 1961
  10. Section 270AA - Immunity from imposition of penalty, etc. - Income-tax Act, 1961
  11. Section 253 - Appeals to the Appellate Tribunal - Income-tax Act, 1961
  12. Section 155 - Other amendments - Income-tax Act, 1961
  13. Section 148 - Issue of notice where income has escaped assessment - Income-tax Act, 1961
  14. Section 143 - Assessment - Income-tax Act, 1961
  15. Section 119 - Instructions to subordinate authorities - Income-tax Act, 1961
  16. Section 115JC - Special provisions for payment of tax by certain persons other than a company - Income-tax Act, 1961
  17. Section 115JB - Special provision for payment of tax by certain companies - Income-tax Act, 1961
  18. Rule 129 - Form of application under section 270AA - Income-tax Rules, 1962