Income Tax Penalty

Penalties & 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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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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Good knowledge of law a must for those in practice

Income Tax - Time For Full/Good Knowledge Of Laws For Tax Practitioners, Chartered Accountants In Order To Save Themselves And Doing Work Of Clients As Per Legal Provisions...

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Myth buster: No Penalty u/s 234F, For Filing of Return after 31st July 2017 but before the end of Assessment Year

Income Tax - Take a deep breath , and understand that the Penalty as proposed in budget speech of Finance Act 2017 is applicable from the date 01st April 2018 , this means , returns for the Financial year 2017-18 will only be attracting this penalty if not filed within due date as stipulated by the law and not ITR of F.Y 2016-17...

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Various Threshold Limits under Income Tax Act [AY 2018-19]

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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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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Penalty cannot be levied on a basis other than what it was in Quantum Appeal

Indermal Manaji Vs. The Commissioner of Income Tax (Bombay High Court) - S. 271(1)(c): If the basis on which penalty is initiated by the AO and the basis on which the quantum is confirmed on merits by the Tribunal are different, penalty cannot be levied ...

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Penalty cannot be imposed for delay in TDS return filing for non availability of PAN

Argus Golden Trades India Ltd. Vs. JCIT (ITAT Jaipur) - This is an appeal filed by the assessee against the order of Ld. CIT(A) - III, Jaipur dated 19.02.2016 for A.Y. 2011- 12 wherein the assessee has challenged the levy penalty of Rs. 1,02,400/- u/s 272A(2)(K) of the Act....

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Mere voluntary disclosure does not release assessee from penalty

Samson Maritime Ltd. Vs Commissioner of Income Tax (Bombay High Court) - Apex Court in MAK Data P. Ltd., v/s. Commissioner of Income Tax 358 ITR 593, that voluntary disclosure itself does not release the assessee from penal consequences. ...

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No Penalty for making untenable Claim on Professional advice

Commissioner of Income Tax Vs Smt. Anita Kumaran (Madras High Court) - To our mind, in the instant case, what has emerged is that the Assessee, having realised that the expenditure claimed towards travelling under Section 57 of the Act was not tenable, offered the amounts expended to be added to her income and, accordingly, paid the requisite tax and interest upon the...

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Penalty cannot be levied for bonafide mistakes in making wrong claim

Wadhwa Estate & Developers India Pvt. Ltd Vs ACIT (ITAT Mumbai) - Aforesaid appeal by the assessee is directed against order dated 30th December 2015, passed by the learned Commissioner (Appeals)– 53, Mumbai, confirming penalty imposed of Rs. 2,57,246, under section 271(1)(c) of the Income Tax Act, 1961 (for short the Act) for the assessment year 2011-12....

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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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Income Tax Penalty’s Popular Posts

Recent Posts in "Income Tax Penalty"

Penalties & 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 |

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 | ,

Penalty cannot be levied on a basis other than what it was in Quantum Appeal

Indermal Manaji Vs. The Commissioner of Income Tax (Bombay High Court)

S. 271(1)(c): If the basis on which penalty is initiated by the AO and the basis on which the quantum is confirmed on merits by the Tribunal are different, penalty cannot be levied ...

Read More

Good knowledge of law a must for those in practice

Time For Full/Good Knowledge Of Laws For Tax Practitioners, Chartered Accountants In Order To Save Themselves And Doing Work Of Clients As Per Legal Provisions...

Read More
Posted Under: Income Tax |

Myth buster: No Penalty u/s 234F, For Filing of Return after 31st July 2017 but before the end of Assessment Year

Take a deep breath , and understand that the Penalty as proposed in budget speech of Finance Act 2017 is applicable from the date 01st April 2018 , this means , returns for the Financial year 2017-18 will only be attracting this penalty if not filed within due date as stipulated by the law and not ITR of F.Y 2016-17...

Read More
Posted Under: Income Tax |

Penalty cannot be imposed for delay in TDS return filing for non availability of PAN

Argus Golden Trades India Ltd. Vs. JCIT (ITAT Jaipur)

This is an appeal filed by the assessee against the order of Ld. CIT(A) - III, Jaipur dated 19.02.2016 for A.Y. 2011- 12 wherein the assessee has challenged the levy penalty of Rs. 1,02,400/- u/s 272A(2)(K) of the Act....

Read More

Various Threshold Limits under Income Tax Act [AY 2018-19]

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

Mere voluntary disclosure does not release assessee from penalty

Samson Maritime Ltd. Vs Commissioner of Income Tax (Bombay High Court)

Apex Court in MAK Data P. Ltd., v/s. Commissioner of Income Tax 358 ITR 593, that voluntary disclosure itself does not release the assessee from penal consequences. ...

Read More

No Penalty for making untenable Claim on Professional advice

Commissioner of Income Tax Vs Smt. Anita Kumaran (Madras High Court)

To our mind, in the instant case, what has emerged is that the Assessee, having realised that the expenditure claimed towards travelling under Section 57 of the Act was not tenable, offered the amounts expended to be added to her income and, accordingly, paid the requisite tax and interest upon the same. In our opinion, this was not a ca...

Read More

Penalty cannot be levied for bonafide mistakes in making wrong claim

Wadhwa Estate & Developers India Pvt. Ltd Vs ACIT (ITAT Mumbai)

Aforesaid appeal by the assessee is directed against order dated 30th December 2015, passed by the learned Commissioner (Appeals)– 53, Mumbai, confirming penalty imposed of Rs. 2,57,246, under section 271(1)(c) of the Income Tax Act, 1961 (for short the Act) for the assessment year 2011-12....

Read More
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