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PENALTIES IN INCOME TAX

Income Tax - Penalties - Circumstances, Procedures and Relief - 08 - SECTION NATURE OF DEFAULT PENALTY LEVIABLE 1 2 3 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 ex .....

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inge 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, documents, etc., as required by section 44AA or failure to retain such books of accounts or documents for the period specified in section 44AA. Rs.25,000. 271AA In respect of international transaction or specified domestic transaction: Failure to keep .....

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d income. 271AAB Undisclosed income of the previous year in which search has been initiated or previous year whose due date of filing of ROI has not expired before the date of search. 10% of the undisclosed income 20% of the undisclosed income 30% to 90% of the undisclosed income. 271B Failure to get accounts audited or furnish a report of audit as required under section 44AB. Half percent of total sales, turnover, or gross receipts, etc., or Rs.1,50,000, whichever is less. 271BA Failure to furn .....

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y part of the tax as required by or under the provisions of section 206C. Amount of tax, which such person failed to collect. 271D Taking or accepting certain loans and deposits in contravention of the provisions to section 269SS. Amount equal to loan or deposit taken or accepted. 271E Repaying any loan or deposit specified in section 269T in contravention of its provisions. Amount equal to loan or deposit repaid. 271F Failure to furnish return as required by section 139(1) on or before the end .....

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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 (Added by Finance Act, 2014) If prescribed reporting financial institution provides inaccurate information in SFTRA and the inaccuracy is due to: Failure to comply with due diligence requirements prescribed in section 285BA, Deliberate on part of the financial institution, It knew about inaccu .....

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direct that such fund shall pay, by way of penalty, a sum of ₹ 5,00,000. 271FB Failure to furnish a return of fringe benefits within time prescribed. Rs.100 for every day during which the failure continues. 271G 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. This penalty can also be levied by Transfer pricing Officer as per Finance Act, 201 .....

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concern; A sum of ₹ 5,00,000 in any other case. 271H (Added by Finance Act, 2012) 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 in .....

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ents 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 return of income under section 139(4A) or under section 139(4C) or to furnish within the time allowed therein. Failure to deliver in due time a copy of declaration in section 197A. Failure to furnish TDS or TCS certificate. .....

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