Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram

TMI Blog

Home

Summary chart for Penalties in Income Tax

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... efault]. Maximum: Amount of tax in arrears. This is in addition to interest u/s 220. 270A Penalty levied by AO, JC(A) CIT(A). for under-reporting and misreporting of income. Under-reporting - 50% of the amount of tax payable on under-reported income Misreporting - 200% of the amount of tax payable if the under-reported income is in consequence of any misreporting of income. 271A Penalty levied by AO or JC(A) CIT(A). Failure to keep, maintain, or retain books of account, documents, etc., as required by section 44AA or failure to retain such books of accounts or documents for the period specified in section 44AA. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... For Unaccounted Income referred u/s 68-69D 10% of tax on unaccounted income u/s 115BBE 271AAD Penalty levied by AO or JC(A) CIT(A). On False entry or on omission of any entry which is relevant for computation of total income of such person, to evade tax liability. 100% of amount of such False entry or omitted entry. 271AAE Penalty levied by AO. On Any Trust referred u/s 11 or Institution u/s 10(23C) gives any benefit to related person u/s 13(1) 100% of Amount applied in case of 1 st time violation, 200% of Amount applied in case of subsequent violation. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... specified advance in contravention of the provisions to section 269SS. Amount equal to loan or deposit or specified advance taken or accepted. 271DA Penalty levied by Joint Commissioner. For. - If a person receives any sum in contravention of the provisions of section 269ST A sum equal to the amount of such receipt. No penalty shall be imposable if such person proves that there were good and sufficient reasons for the contravention. 271E Penalty levied by Joint Commissioner. For. - Repaying any loan or deposit or specified advance specified in section 269T in contravention of its provisions. Amount .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ty. Failure to furnish a return of fringe benefits within time prescribed u/s 115WD. Rs.100 for every day during which the failure continues. 271G Penalty levied by AO CIT(A). Failure to furnish information or documents in pursuance of a notice under section 92D(3). 2% of the value of the international transaction or specified domestic transactions for each such failure. 271GA If any Indian concern, which is required to furnish any information or document under section 285A, fails to do so, the income-tax authority, as may be prescribed under the said direction, may direct that such Indian concern shall pay, by way of penalt .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... of penalty. A sum of ₹ 1,00,000. 271J Penalty levied by AO, JCIT(A) CIT(A). For, - Where an (a) accountant or (b) merchant banker or (c) registered valuer has furnished incorrect information in any report or certificate furnished under the provisions of this Act or rules made thereunder Penalty by way of sum of ₹ 10,000 for each such report or certificate. 271K Penalty levied by AO. For, - Failure to furnish within time specified statement etc, by: The research association, Unversity, College or Othe Institution referred to in section 35(1)(ii) or (iii) or the Company .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... in section 197A, and furnishing of TDS/ TCS certificate, the penalty shall not exceed amount of TDS/ TCS. Then such person shall paid, by way of penalty ₹ 100 for every day during which failure continues. Further, proviso to sub-section (2) of section 272A is amended with effect from 1-6-2015 so as to provide that the amount of penalty for failure to file statements under sub-section (2A) of section 200 or under sub-section (3A) of section 206C, shall not exceed the amount of tax deductible or collectible, as the case may be. 272AA Failure to comply with section 133B regarding the powers of collecting certain information from the place of business or profession. Such a .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

 

 

 

 

Quick Updates:Latest Updates