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PENALTIES IN INCOME TAX

Income Tax - Penalties - Circumstances, Procedures and Relief - 08 - SECTION NATURE OF DEFAULT PENALTY LEVIABLE 140A(3) Failure to pay wholly or partly Self-assessment tax, or Interest, or Both Under section 140A(1). Such amount as Assessing Officer may impose but not exceeding tax and interest in arrears. [Penalty under section 221(1) for being an assessee in default]. 221(1) Default in making payment of tax or interest or any demand. Such amount as Assessing Officer may impose but not exceedin .....

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or each failure. 271(1)(c) Concealment of particulars of income or furnishing of inaccurate particulars of income. Minimum: 100% of tax sought to be evaded. Maximum:- 300% of tax sought to be evaded. 271(1)(d) Concealment of particulars of the fringe benefits or furnishing inaccurate particulars of such fringe benefits. Minimum: 100% of the amount of tax sought to be evaded. Maximum:- 300% of the amount of tax sought to be evaded. 271A Failure to keep, maintain, or retain books of account, docum .....

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ational transaction or specified domestic transaction entered into by such person. 271AAA Income found in course of search under section 132 which is not recorded on or before the date of search in books of account or other. 10% of the undisclosed income. 271AAB (A) Admission in the course of search of undisclosed income of the specified previous year in a statement u/ 132(4) (B) Undisclosed income not admitted in a statement u/s 132(4) in the course of search but declared in the return of incom .....

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ed by section 92E Rs.1,00,000. 271BB Failure to subscribe to the eligible issue of capital 20% of such amount 271C Failure to deduct the whole or part of tax deducted at source tax at source (TDS). Failure to pay the whole or part of Corporate Dividend Tax under section 115-O. Failure to pay the whole or part of tax on winnings from lotteries, crossword puzzles etc. where such winnings are wholly or partly in kind under second proviso to section 194B. Amount equal to tax not deducted or paid. 27 .....

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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 Repaying any loan or deposit or specified advance specified in section 269T in contravention of its provisions. Amount equal to loan or deposit specified advance repaid. 271F Failure to furnish return as required by section 139(1) on or before the end of the relevant assessment year. Rs.5,000 Provided that nothing contained in this section sha .....

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assessee was asked to file SFTRA by a notice under section 285BA(5). Proviso to section 271FA Failure to furnish Statement of Financial Transaction or Reportable Account (annual information return up to A.Y. 2014-15 within the period specified in the notice issued under section 285BA(5). Rs.500 for every day during which the failure continues. 271FAA Furnishing inaccurate statement of financial transaction or reportable account Rs.5,000 271FAB If any eligible investment fund which is required t .....

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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 penalty,- A sum equal to 2% of the value of the transaction in respec .....

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d of 1 month. 271H Failure to deliver the quarterly returns of TDS/ TCS within the time prescribed Furnishing incorrect information in the quarterly returns of TDS/ TCS. Penalty minimum ₹ 10,000 and maximum up to ₹ 1,00,000. Note: No penalty for failure to deliver quarterly returns of TDS/ TCS in time, if quarterly return submitted before the expiry of one year from time prescribed and Fees under section 234E and interest under section 201(1A) paid. 271-I If a person, who is required .....

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certificate. 272A(1) Refusal to answer any question put to by an income tax Authority. Refusal to sign any statement made in the course of proceedings under the Act. Failure to attend or produce books of account or documents required under a summon issued under section 131. Rs.10,000 for each failure or default. 272A(2) Failure to give notice of discontinuance of business or profession u/s 176. Failure to furnish in due time the information required under section 133. Failure to furnish the ret .....

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section 206C. Rs.100 for every day during which the failure continues. However, in respect of penalty for failures in relation to declaration mentioned 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 .....

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