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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 271 - Failure to furnish returns, comply with notices, concealment of income, etc - Income-tax Act, 1961

Extract

..... e less than, but which shall not exceed 20[three times], the amount of tax sought to be evaded by reason of the concealment of particulars of his income 21[or fringe benefits] or the furnishing of inaccurate particulars of such income 22[or fringe benefits]. 23[* * *] 24[Explanation 1.-Where in respect of any facts material to the computation of the total income of any person under this Act,- (A) such person fails to offer an explanation or offers an explanation which is found by the 25[Assessing] Officer or the 26[***] 27[Commissioner (Appeals)] 28[or the 54[Principal Commissioner or] Commissioner] to be false, or (B) such person offers an explanation which he is not able to substantiate 29[and fails to prove that such explanation is bona fide and that all the facts relating to the same and material to the computation of his total income have been disclosed by him], then, the amount added or disallowed in computing the total income of such person as a result thereof shall, for the purposes of clause (c) of this sub-section, be deemed to represent the income in respect of which particulars have been concealed. 30[* * *] Explanation 2.-Where the source of any receipt, deposit, outgo .....

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Section 271 - Failure to furnish returns, comply with notices, concealment of income, etc - Income-tax Act, 1961

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..... t such person furnishes a return of his income at any time after the expiry of the period aforesaid in pursuance of a notice under section 148.] 55[Explanation 4.- For the purposes of clause (iii) of this sub-section,- (a) the amount of tax sought to be evaded shall be determined in accordance with the following formula- (A - B) + (C - D) where, A = amount of tax on the total income assessed as per the provisions other than the provisions contained in section 115JB or section 115JC (herein called general provisions); B = amount of tax that would have been chargeable had the total income assessed as per the general provisions been reduced by the amount of income in respect of which particulars have been concealed or inaccurate particulars have been furnished; C = amount of tax on the total income assessed as per the provisions contained in section 115JB or section 115JC; D = amount of tax 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 income in respect of which particulars have been concealed or inaccurate particulars have been furnished: Provided that where the amount of i .....

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Section 271 - Failure to furnish returns, comply with notices, concealment of income, etc - Income-tax Act, 1961

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..... f this section, be deemed to have concealed the particulars of his income or furnished inaccurate particulars of such income, 38[unless,- (1) such income is, or the transactions resulting in such income are recorded,- (i) in a case falling under clause (a), before the date of the search ; and (ii) in a case falling under clause (b), on or before such date, in the books of account, if any, maintained by him for any source of income or such income is otherwise disclosed to the 39[54[Principal Chief Commissioner or] Chief Commissioner or 54[Principal Commissioner or] Commissioner] before the said date ; or (2) he, in the course of the search, makes a statement under sub-section (4) of section 132 that any money, bullion, jewellery or other valuable article or thing found in his possession or under his control, has been acquired out of his income which has not been disclosed so far in his return of income to be furnished before the expiry of time specified in 40[* * *] sub-section (1) of section 139, and also specifies in the statement the manner in which such income has been derived and pays the tax, together with interest, if any, in respect of such income.] 41[Explanation 5A.- Where .....

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Section 271 - Failure to furnish returns, comply with notices, concealment of income, etc - Income-tax Act, 1961

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..... cribed under that section, in good faith and with due diligence.] 45[(1A) Where any penalty is imposable by virtue of Explanation 2 to sub- section (1), proceedings for the imposition of such penalty may be initiated notwithstanding that any proceedings under this Act in the course of which such penalty proceedings could have been initiated under sub-section (1) have been completed. 52[(1B) Where any amount is added or disallowed in computing the total income or loss of an assessee in any order of assessment or reassessment and the said order contains a direction for initiation of penalty proceedings under clause (c) of subsection (1), such an order of assessment or reassessment shall be deemed to constitute satisfaction of the Assessing Officer for initiation of the penalty proceedings under the said clause (c)] (2) When the person liable to penalty is a registered firm or an unregistered firm which has been assessed under clause (b) of section 183, then notwithstanding anything contained in the other provisions of this Act, the penalty imposable under sub-section (1) shall be the same amount as would be imposable on that firm if that firm were an unregistered firm. (3) 46[Omitted .....

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Section 271 - Failure to furnish returns, comply with notices, concealment of income, etc - Income-tax Act, 1961

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..... tted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. Earlier, "Deputy Commissioner (Appeals)" was substituted for "Appellate Assistant Commissioner" by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988 and "or the" was inserted by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978. 4. Inserted by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978. 5. Inserted by the Finance Act, 2002, w.e.f. 1-6-2002. 6. Omitted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Prior to its omission, clause (a) was amended by the Finance Act, 1963, w.e.f. 28-4-1963 and Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986. 7. Words "without reasonable cause" omitted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986. 8. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006. 9. Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976. 10. Word "deliberately" omitted by the Finance Act, 1964, w.e.f. 1-4-1964. 11. Substituted for "such income," by the Finance Act, 2005, w.e.f. 1-4-2006. 12. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006. 1 .....

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Section 271 - Failure to furnish returns, comply with notices, concealment of income, etc - Income-tax Act, 1961

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..... 1978. 32. Words "who has not previously been assessed under this Act," omitted by the Finance Act, 2002, w.e.f. 1-4-2003. 33. Words "Deputy Commissioner (Appeals) or the" omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. 34. Substituted by the Finance Act, 2002, w.e.f. 1-4-2003. Prior to its substitution, clause (a) read as under : "(a) in any case where the amount of income in respect of which particulars have been concealed or inaccurate particulars have been furnished exceeds the total income assessed, means the tax that would have been chargeable on the income in respect of which particulars have been concealed or inaccurate particulars have been furnished had such income been the total income ;" 35. Inserted by the Finance Act, 2007, w.r.e.f.1-4-2003. 36. Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984. 37. Substituted for "search under section 132" by the Finance Act, 2007, w.e.f.1-6-2007. 38. Substituted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986. 39. Substituted for "Commissioner" by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 40 .....

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Section 271 - Failure to furnish returns, comply with notices, concealment of income, etc - Income-tax Act, 1961

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..... ws (Amendment) Act, 1989, w.e.f. 1-4-1989. 51. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006. 52. Inserted by the Finance Act, 2008, w.e.f. 1-4-1989. 53. Substituted vide Finance Act, 2012, w.e.f. 01-04-2013. 54. Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of June, 2013. 55. Substituted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016, before it was read as, "Explanation 4.-For the purposes of clause (iii) of this sub-section, the expression "the amount of tax sought to be evaded",- 34[(a) in any case where the amount of income in respect of which particulars have been concealed or inaccurate particulars have been furnished has the effect of reducing the loss declared in the return or converting that loss into income, means the tax that would have been chargeable on the income in respect of which particulars have been concealed or inaccurate particulars have been furnished had such income been the total income;] (b) in any case to which Explanation 3 applies, means the tax on the total income assessed 35[as reduced by the amount of advance tax, tax deducted at source, tax collected at source and self-assessment tax paid before the issue of .....

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Section 271 - Failure to furnish returns, comply with notices, concealment of income, etc - Income-tax Act, 1961

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  1. Section 92C - Computation of arms length price
  2. Section 92B - Meaning of international transaction
  3. Section 288 - Appearance by authorised representative
  4. Section 279 - Prosecution to be at instance of Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner
  5. Section 273B - Penalty not to be imposed in certain cases
  6. Section 273A - Power to reduce or waive penalty, etc., in certain cases
  7. Section 271AAB - Penalty where search has been initiated
  8. Section 271AAA - Penalty where search has been initiated
  9. Section 271AA - Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions
  10. Section 271A - Failure to keep, maintain or retain books of account, documents, etc.
  11. Section 269J - Compensation
  12. Section 253 - Appeals to the Appellate Tribunal
  13. Section 246A - Appealable orders before Commissioner (Appeals)
  14. Section 246 - Appealable orders
  15. Section 158BF - Certain interests and penalties not to be levied or imposed
  16. Section 153 - Time limit for completion of assessment, reassessment and recomputation.
  17. Section 148 - Issue of notice where income has escaped assessment
  18. Section 143 - Assessment
  19. Section 142 - Inquiry before assessment
  20. Section 139 - Return of income
  21. Section 132 - Search and seizure
  22. Section 119 - Instructions to subordinate authorities
  23. Section 115WE - Assessment
  24. Section 115WD - Return of fringe benefits
  25. Section 115JC - Special provisions for payment of tax by certain persons other than a company
  26. Section 115JB - Special provision for payment of tax by certain companies
  27. Rule 8A - Qualifications of registered valuers
  28. Rule 46A - Production of additional evidence before the Deputy Commissioner (Appeals)and Commissioner (Appeals)

 

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