Income Tax Penalty

BCAS represents on CBDT directive to offer incentives to CIT(A) for passing enhancement order and for imposing fresh penalty

Income Tax - BCAS has submitted a Representation on CBDT directive for offering incentives to Commissioners of Income Tax (Appeals) for passing quality orders based on Enhancement of assessment and imposition of fresh penalty and other issues,...

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10 Consequences of Non compliance with TDS provisions

Income Tax - In case of payments made to resident, the deductor is allowed to claim deduction for payments as expenditure in the previous year of payment, if tax is deducted during the previous year and the same is paid on or before the due date specified for filing of return of income under section 139(1) of the Act....

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Penalty for Late Filing & incorrect information in TDS/TCS Statement

Income Tax - As per the existing provisions of the Income-tax Act, a deductor is required to furnish a periodical TDS statement (quarterly) containing the details of deduction of tax made during the quarter by the prescribed due dateA substantial number of the deductors are not furnishing their TDS statement within the prescribed due date. Delay in fu...

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Delay in Download of TDS Certificate attracts Penalty

Income Tax - Due Date for downloading and Penalty for non-compliance: Please be advised that under the provisions of section 203 of the Income Tax Act, 1961 read with rule 31A, Certificate of tax deducted at source is to be furnished within fifteen (15) days from the due date for furnishing the statement of tax deducted at source. Failure to comply w...

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How costly can the delay in filing tax returns be?

Income Tax - Due date for Filing Income Tax Return for Assessment Year 2016-17 for Salaried Persons and other Assessees who are engaged in business and profession and whose turnover is less than Rs. 100 lakh (in the case of business) and Rs 25 lakh (in the case of profession) is 31st July 2016. In this article we have detailed in the form of Questi...

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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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No Penalty for failure of Third Parties to submit PAN

M/s. Haryana Distillery Limited Vs JCIT, TDS (ITAT Delhi) - Ms. Haryana Distillery Limited Vs JCIT, TDS (ITAT Delhi) Section 272A(2)(k) of the I.T. Act provides penalty for failure to deliver or cause to deliver a copy of the statement within the time specified in sub-section (3) of Section 200 or the proviso to sub-section 3 of Section 206(c) of the I.T. Ac...

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Penalty U/s. 272A(1)(c) justified for deliberate defiance by assessee

Young Indian Vs Addl. DIT (Inv.) (ITAT Delhi) - Young Indian Vs Addl. DIT (Inv.) (ITAT Delhi) There was a deliberate defiance on the part of the assessee for non-submission of the same under the pretext that some of the details are available in the records of the Income Tax Department or some of the details are available in the Website of the Mi...

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No penalty for entering PAN instead of TAN in TDS Challan on account of bona-fide mistake

ITOr Vs M/s Umatech (ITAT Lucknow) - Necessary TDS was deducted and it was deposited in the Government Treasury. All these are on record and only there is a technical error that in the challan PAN number of the assessee is mentioned instead of TAN in the relevant column on account of bona-fide mistake, for which assessee should not be ...

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Ignorance of law is not excuse and cannot be a ground to avoid tax liability

Whirlpool of India Ltd. Vs. DCIT (ITAT Delhi) - Whirlpool of India Ltd. Vs. DCIT (ITAT Delhi) In the present case, there is admission on part of the assessee that the quantum of depreciation claim was incorrectly computed at enhanced cost. It is well settled principle that ignorance of law is not excused and cannot be a ground to avoid tax liabil...

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Penalty u/s. 271AAB is not mandatory and is discretionary

DCIT Vs. Subhas Chandra Agarwala & Sons (HUF) (ITAT Kolkata) - Sub-section (1) of Sec. 271AAB of the Act uses the word may not shall. May cannot be equated with shall especially in penalty proceeding. Using the word may in our opinion, gives a discretion to the AO to levy the penalty or not to levy, even if the assessee has made default under said provision. Th...

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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"

No Penalty for failure of Third Parties to submit PAN

M/s. Haryana Distillery Limited Vs JCIT, TDS (ITAT Delhi)

Ms. Haryana Distillery Limited Vs JCIT, TDS (ITAT Delhi) Section 272A(2)(k) of the I.T. Act provides penalty for failure to deliver or cause to deliver a copy of the statement within the time specified in sub-section (3) of Section 200 or the proviso to sub-section 3 of Section 206(c) of the I.T. Act. Section 273B […]...

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Penalty U/s. 272A(1)(c) justified for deliberate defiance by assessee

Young Indian Vs Addl. DIT (Inv.) (ITAT Delhi)

Young Indian Vs Addl. DIT (Inv.) (ITAT Delhi) There was a deliberate defiance on the part of the assessee for non-submission of the same under the pretext that some of the details are available in the records of the Income Tax Department or some of the details are available in the Website of the Ministry of […]...

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BCAS represents on CBDT directive to offer incentives to CIT(A) for passing enhancement order and for imposing fresh penalty

BCAS has submitted a Representation on CBDT directive for offering incentives to Commissioners of Income Tax (Appeals) for passing quality orders based on Enhancement of assessment and imposition of fresh penalty and other issues,...

Read More
Posted Under: Income Tax |

10 Consequences of Non compliance with TDS provisions

In case of payments made to resident, the deductor is allowed to claim deduction for payments as expenditure in the previous year of payment, if tax is deducted during the previous year and the same is paid on or before the due date specified for filing of return of income under section 139(1) of the Act....

Read More
Posted Under: Income Tax |

Penalty for Late Filing & incorrect information in TDS/TCS Statement

As per the existing provisions of the Income-tax Act, a deductor is required to furnish a periodical TDS statement (quarterly) containing the details of deduction of tax made during the quarter by the prescribed due dateA substantial number of the deductors are not furnishing their TDS statement within the prescribed due date. Delay in fu...

Read More
Posted Under: Income Tax | ,

Delay in Download of TDS Certificate attracts Penalty

Due Date for downloading and Penalty for non-compliance: Please be advised that under the provisions of section 203 of the Income Tax Act, 1961 read with rule 31A, Certificate of tax deducted at source is to be furnished within fifteen (15) days from the due date for furnishing the statement of tax deducted at source. Failure to comply w...

Read More
Posted Under: Income Tax | ,

How costly can the delay in filing tax returns be?

Due date for Filing Income Tax Return for Assessment Year 2016-17 for Salaried Persons and other Assessees who are engaged in business and profession and whose turnover is less than Rs. 100 lakh (in the case of business) and Rs 25 lakh (in the case of profession) is 31st July 2016. In this article we have detailed in the form of Questi...

Read More

No penalty for entering PAN instead of TAN in TDS Challan on account of bona-fide mistake

ITOr Vs M/s Umatech (ITAT Lucknow)

Necessary TDS was deducted and it was deposited in the Government Treasury. All these are on record and only there is a technical error that in the challan PAN number of the assessee is mentioned instead of TAN in the relevant column on account of bona-fide mistake, for which assessee should not be penalized or punished when there is no l...

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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...

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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...

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Posted Under: Income Tax |

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