Income Tax Penalty

Various Threshold Limits under Income Tax Act

Income Tax - In Respect of exemptions, deduction etc Income Tax imposes various threshold limit. Like in respect of Tax Rates or in respect of deduction under section 80C, 80D, 80U etc. Some of the Popular Limits are Tax Rates , Conveyance Allowance, HRA, Home Loan Interest, Deduction Under Section 80C, Leave Encashment, Gratuity, Medical ...

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Updated Penalty Chart under Income Tax Act, 1961

Income Tax - Article discusses Income Tax Penalties for Failure to deduct TDS / TCS in full and part, Quoting false TAN in challan/ statements, Failure to apply for TAN, Failure to furnish e TDS statement / TDS certificate, Failure to comply with department letter...

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Penalties and Prosecutions Under Income tax Act, 1961

Income Tax - Penalties and Prosecutions Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well. The document will provide you information about the punishable offences, prosecutions and the quantum of penalties that can be imposed under the...

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Prosecutions and Punishment under Income Tax Act, 1961

Income Tax - Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against the taxpayers for various offences. In this part you can gain knowledge about the various provisions relating to prosecution which can be launched under the Income-tax Act....

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Fees & Penalty for late / Non filing of TDS Return

Income Tax - No filing or Late filing of TDS returns or TDS statement shall invite 2 penal consequence 1.Fee for late filing U/s 234E and 2. Penalty for late filing or Non filing of TDS statement U/s 271H....

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Indiscriminate Income Tax notices without allowing reasonable time

Income Tax - In view of Indiscriminate notices by income Tax Department without allowing reasonable time it is requested to Finance Ministry and CBDT that suitable steps should be taken so that adequate time is allowed for compliance and cases are not disposed of in a hurry, without giving adequate opportunity for the taxpayer to be heard. The [&helli...

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Extend Time Limit for Income Tax Assessment time barring on 31.3.2022

Income Tax - Lucknow CA Tax Practicioners Association has made a Representation to FM for Extension of Time Limit for Assessment cases time barring as on 31.3.22 under the Income Tax Act 1961 in view of Problems faced in completion of Reopened Assessment cases (letting time barred on 31st March 2022, Problems faced in completion of Assessment as [&hel...

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Request for Rationalisation of Section 270AA Penalty Provisions

Income Tax - A reasonable leniency may be exercised by the AOs to allow the Taxpayer’s who have paid the tax and interest beyond the time limit specified in the demand notice issued u/s 156 to accept the application and grant immunity u/s 270AA....

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Section 234F Fee for delayed filing of return causing undue hardship

Income Tax - The Finance Bill, 2017 proposes to levy fees of Rs.5,000 in case where return is furnished after the due date but on or before 31St December of the relevant assessment year and Rs.10,000, in other cases. However, it is also proposed to restrict the fees to Rs.1,000, where the total income does not exceed five lakh rupees....

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Prescribing One Year Time Limit for Disposal of Petitions for Waiver of Penalty/ Interest U/s. 273A, 273AA and 220(2A)

Income Tax - Recommendations For Prescribing Time Limit Of One Year For Disposal Of Petitions For Waiver Of Penalty And Interest Under Sections 273A, 273AA and 220(2A) Whereas, a time limit of 1 year for disposal of a tax payer’s Revision Petition u/s. 264 has been prescribed, there is no such time limit for disposal of Petitions for […]...

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Section 271AAB penalty not valid if AO not mention specific default of assessee

Mahaveer Prasad Agarwal Vs DCIT (ITAT Jaipur) - Mahaveer Prasad Agarwal Vs DCIT (ITAT Jaipur) A conjoint reading of section 271AAB and section 271 of the Act indicate that imposition of penalty under section 271AAB of the Act is not mandatory but discretionary. Hence, in our view, the penalty under section 271AAB be imposed on merits of each case...

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No Section 271(1)(b) penalty where assessment is completed u/s 143(3)

Salasar Derivatives Pvt. Ltd. Vs ITO (ITAT Mumbai) - Salasar Derivatives Pvt. Ltd. Vs ITO (ITAT Mumbai) Whether ld. CIT(A) was justified in confirming the levy of penalty u/s.271(1)(b) of Income Tax Act? We find that the assessee did not appear before the ld. AO on 29/05/2018 being the scheduled date of hearing. However, on 30/05/2018, the assessee ha...

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ITAT exonerate assessee incurring huge losses from section 271(1)(b) penalty

Plaza Cable Industries Ltd. Vs DCIT (ITAT Delhi) - No mala fide can be inferred where assessee is nursing such huge losses at its disposal. ITAT find that mitigating circumstances exists to exonerate assessee from clutches of penalty under Section 271(1)(b) ...

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Mere rejection of claim would not ipso facto make assessee liable for penalty

Agarwal Packers & Movers Ltd Vs DCIT (ITAT Delhi) - Agarwal Packers & Movers Ltd Vs DCIT (ITAT Delhi) Merely because if a claim is rejected by Assessing Officer, would not ipso facto made the assessee liable for penalty Now, coming to the penalty confirmed in respect of addition sustained on account of disallowance of claim of depreciation. One o...

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Non-compliance due to change in Address- ITAT deletes section 271(1)(b) Penalty

Asha Yadav Vs ITO (ITAT Jaipur) - Asha Yadav Vs ITO (ITAT Jaipur) We are of the view that the AO had levied the penalty @ Rs. 10,000/- for non compliance of notices Under section 142(1) of the Act. As it was clear from the provisions of Section 271(1)(b) that this provision can be invoked only for non compliance of notice Under [&he...

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Scope of Penalties to be assigned to Faceless Penalty Scheme, 2021

F No. 187/4/2021-ITA-I - (26/02/2021) - Order under Para 3 of the Faceless Penalty Scheme, 2021, for defining the scope of ‘Penalties’ to be assigned to the Faceless Penalty Scheme, 2021 – regarding F No. 187/4/2021-ITA-I Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) ***** ...

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Limitation for penalty proceedings U/s. 271D & 271E

Circular No. 10/2016-Income Tax - (26/04/2016) - It is a settled position that period of limitation of penalty proceedings under section 271D and 271E of the Act is governed by the provisions of section 275(1)(c) of the Act. Therefore, the limitation period for the imposition of penalty under these provisions would be the expiry of the financial y...

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Limitation commencement for penalty proceedings U/s. 271D &271E

Circular No. 09/DV/2016 (Departmental View) - (26/04/2016) - It has been brought to notice of CBDT that there are conflicting interpretations of various High Courts on the issue whether the limitation for imposition of penalty under sections 271D and 271E of the Income tax Act, 1961commences at the level of the Assessing Officer (below the rank of Joint Commi...

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Recent Posts in "Income Tax Penalty"

Section 271AAB penalty not valid if AO not mention specific default of assessee

Mahaveer Prasad Agarwal Vs DCIT (ITAT Jaipur)

Mahaveer Prasad Agarwal Vs DCIT (ITAT Jaipur) A conjoint reading of section 271AAB and section 271 of the Act indicate that imposition of penalty under section 271AAB of the Act is not mandatory but discretionary. Hence, in our view, the penalty under section 271AAB be imposed on merits of each case. 5.1. In case of […]...

Read More

No Section 271(1)(b) penalty where assessment is completed u/s 143(3)

Salasar Derivatives Pvt. Ltd. Vs ITO (ITAT Mumbai)

Salasar Derivatives Pvt. Ltd. Vs ITO (ITAT Mumbai) Whether ld. CIT(A) was justified in confirming the levy of penalty u/s.271(1)(b) of Income Tax Act? We find that the assessee did not appear before the ld. AO on 29/05/2018 being the scheduled date of hearing. However, on 30/05/2018, the assessee had duly appeared and submitted the [&hell...

Read More

Various Threshold Limits under Income Tax Act

In Respect of exemptions, deduction etc Income Tax imposes various threshold limit. Like in respect of Tax Rates or in respect of deduction under section 80C, 80D, 80U etc. Some of the Popular Limits are Tax Rates , Conveyance Allowance, HRA, Home Loan Interest, Deduction Under Section 80C, Leave Encashment, Gratuity, Medical ...

Read More
Posted Under: Income Tax |

Updated Penalty Chart under Income Tax Act, 1961

Article discusses Income Tax Penalties for Failure to deduct TDS / TCS in full and part, Quoting false TAN in challan/ statements, Failure to apply for TAN, Failure to furnish e TDS statement / TDS certificate, Failure to comply with department letter...

Read More
Posted Under: Income Tax |

Penalties and Prosecutions Under Income tax Act, 1961

Penalties and Prosecutions Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well. The document will provide you information about the punishable offences, prosecutions and the quantum of penalties that can be imposed under the...

Read More
Posted Under: Income Tax |

Prosecutions and Punishment under Income Tax Act, 1961

Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against the taxpayers for various offences. In this part you can gain knowledge about the various provisions relating to prosecution which can be launched under the Income-tax Act....

Read More
Posted Under: Income Tax |

Fees & Penalty for late / Non filing of TDS Return

No filing or Late filing of TDS returns or TDS statement shall invite 2 penal consequence 1.Fee for late filing U/s 234E and 2. Penalty for late filing or Non filing of TDS statement U/s 271H....

Read More
Posted Under: Income Tax | ,

Income Tax Offences liable to prosecution

Apart from levy of penalty for various defaults by the taxpayer, the Income-tax Law also contains provisions for launching prosecution for offences committed by the taxpayer. In this part you can gain knowledge about offences in respect of which prosecutions can be launched under the Income-tax Law....

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Posted Under: Income Tax | ,

Power of Commissioner to Reduce or Waive Income Tax Penalty

In the tutorial on Penalties Under the Income-tax Act, we discussed various penalties imposable under the Income-tax Act in respect of various defaults. Apart from enacting penalty provisions...

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Posted Under: Income Tax | ,

Penalties under Income-Tax Act, 1961

Under the Income-tax Act, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory and a few are at the discretion of the tax authorities. In this part, you can gain knowledge about the provisions relating to various penalties leviable under the Income-tax Act....

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Posted Under: Income Tax | ,

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