The penalty provisions of section 272A of the Income Tax Act covers various penalty like failure to answer the questions or failure in furnishing several information / returns / statements etc. The provisions of section 272A are taken up and explained in the present article. Applicability of provisions of section 272A of the Income Tax […]
Understanding the penalty under section 271J of the Income Tax Act for professionals providing incorrect information in reports or certificates.
With the cascading cost of living, renting an accommodation is a major financial outflow for an individual. However, the same rented accommodation can help save some tax for salaried employees. In current salary packages, employees receive house rent allowance (HRA) to meet the cost of renting an accommodation. A salaried employee staying in a rented house can claim a tax exemption towards the HRA received, subject to the limits specified in this regard.
Any person making payment to a non-resident (not being a company) or a foreign company is required to furnish payment information in Form 15CA and Form 15CB. In case such person fails in furnishing the information in Form 15CA and Form 15CB, then he would be liable to pay the penalty under section 271-I of […]
Understand the penalty for late filing/non-filing of TDS or TCS return as per section 271H of the Income Tax Act. Learn about the applicable due dates and penalty amounts.
Understand the penalty provisions of section 271GB for failure to furnish accurate report under section 286. Learn about the applicability and amount of penalty under the Income Tax Act.
Learn about the penalty for failure to furnish required information in Form 49D under section 285A of the Income Tax Act.
Understanding section 271G penalty for failure to furnish information/documents under section 92D of the Income Tax Act.
The penalty provisions of section 271FB of the Income Tax Act applies to all the employer (who paid fringe benefits to its employees) who fails to furnish the ‘return of fringe benefits’ as required under section 115WD (1) of the Income Tax Act. The said penalty provisions of section 271FB are taken up and explained […]
Get a briefing on the penalty provisions of section 271FAB of the Income Tax Act. Understand the consequences of failure to furnish statement/information/documents by an eligible investment fund.
