This guide explains when penalties can be imposed under various provisions of the Income-tax Act, 1961. It also outlines the applicable penalty amounts for different types of tax defaults and compliance failures.

The FAQs clarify the implementation of the IFSCA AML/CFT/KYC Guidelines, covering customer due diligence, reporting obligations, governance requirements, and regulatory compliance for IFSC entities.

The FAQs clarify that OPCs and Small Companies are governed primarily by Rule 8A for Board’s Report disclosures instead of the detailed requirements under Rule 8. They also explain the continuing applicability of Section 134(3) where no specific exemption exists.

The FAQs explain the prosecution provisions under the Income-tax Act, covering offences such as tax evasion, non-payment of TDS/TCS, false statements, and non-filing of returns. They also outline punishments, exceptions, and situations where prosecution may not be launched.

The Income Tax Department explains how faceless assessments under Section 144B operate through the e-Filing portal without requiring personal interaction. The FAQs also cover notices, responses, rectification requests, and outstanding demand procedures.