Income Tax Penalty

Section 272A Penalty for failure to answer questions or furnish information / returns/ statements or allow inspections etc

Income Tax - 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 [&...

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Section 271J Penalty on professionals for furnishing incorrect information in reports / certificates

Income Tax - The penalty under section 271J of the Income Tax Act are levied on an accountant or a merchant banker or a registered valuer, in case the said professionals have provided incorrect information in any of the report or certificate. The provisions of the said section 271J is taken up and explained in the present article. […]...

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Section 271I Penalty for failure in furnishing Form 15CA & Form 15CB

Income Tax - 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 […]...

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Section 271H Penalty for late filing/non-filing of TDS or TCS return

Income Tax - The provisions of section 271H of the Income Tax Act penalizes the Deductor / Collector who fails to furnish the Tax Deducted at Source (TDS) return or Tax Collected at Source (TCS) return within the prescribed due dates. Section 271H also penalizes the Deductor / Collector who furnishes incorrect information while filing the TDS / [&hell...

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Penalty for failure in furnishing report or furnishing inaccurate report under section 286 – Section 271GB

Income Tax - Section 271GB Penalty for failure in furnishing report or furnishing inaccurate report under section 286 The provisions of section 286 mandate certain specified entities to furnish a report in respect of the international group. In case such reporting entities fail in providing the requisite report or furnishes the report with inaccurate ...

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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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CVC advises major penalty against 15 officers from Central Board of Excise & Customs

Income Tax - THE Central Vigilance Commission disposed of 1266 cases during April 2010 referred to it for advice. The Commission advised imposition of major penalty against 99 officers including 15 from Central Board of Excise & Customs, 13 from State Bank of Bikaner & Jaipur, 11 from Coal India Ltd., 8 from M/o Railways, 7 each from UCO Bank and Bank...

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Penalty of Rs. One Lakh on Excise officer for recovery during stay period

Income Tax - In the case of M/s Galaxy Indo Fab. Limited Vs. Union of India and others since the appeal could not be decided within a period of 180 days, the M/s Galaxy Indo Fab. Limited (petitioner) moved a miscellaneous application for extension of the stay order. The Tribunal vide order dated 14.8.2008 extended the stay order, already granted, til...

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CVC advised imposition of major penalty against 66 Government Employees including six officials from Central Board of Excise and Custom

Income Tax - THE CVC had disposed off 468 cases during December 2009 referred to it for advice. The Commission advised initiations of major penalty proceedings against 70 officers. Of these, 20 were from public sector banks, 17 from M/o Railways, 11 from Northern Coalfields Ltd., 4 from Western Coalfields Ltd., 3 from MCD, 2 each from Ministry of Home...

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No Section 271(1)(c) penalty for genuine omissions in Income Tax Returns

Omega Corrugators Pvt. Ltd Vs ITO (ITAT Mumbai) - Omega Corrugators Pvt. Ltd Vs ITO (ITAT Mumbai) ITAT Mumbai bench has held that genuine omissions must be excluded from the levy of penalty under section 271 (1)(c) of the Income Tax Act, 1961. We find that assessee has debited a sum of Rs.3,57,541/- towards loss on sale of motor car in its profit a...

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No Penalty on Income declared in revised return filed within limitation period

Gajjan Singh Thind Vs ACIT (ITAT Chandigarh) - The provisions of section 271(1)(c) of the Act are penal in nature and they are required to be strictly construed. These cannot be extended by way of liberal interpretation to include the cases, which otherwise, do not fall within the purview and scope of the provisions of section 271(1)(c) of the A...

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Penalty justified for not complying section 142(1) notices without reasonable cause

Sad Bhawna Trust Vs ACIT (ITAT Delhi) -  In the absence of any reasonable cause for failure of assessee in furnishing the information called for by the AO, penalty under section 271(1)(b) was rightly levied by AO for non-compliance of notice issued under section 142(1)....

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Penalty imposed without issuing a proper show-cause notice is invalid

Shri Vivek Chugh Vs ACIT (ITAT Indore) - In the present case at the very inception notice initiating penalty is not in accordance with mandates of law. Moreover, it is settled position of law that such defect is not curable u/s 292BB of the Act. Therefore, we hereby quash the penalty order....

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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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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 272A Penalty for failure to answer questions or furnish information / returns/ statements or allow inspections etc

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 [&...

Read More
Posted Under: Income Tax |

Section 271J Penalty on professionals for furnishing incorrect information in reports / certificates

The penalty under section 271J of the Income Tax Act are levied on an accountant or a merchant banker or a registered valuer, in case the said professionals have provided incorrect information in any of the report or certificate. The provisions of the said section 271J is taken up and explained in the present article. […]...

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Posted Under: Income Tax |

No Section 271(1)(c) penalty for genuine omissions in Income Tax Returns

Omega Corrugators Pvt. Ltd Vs ITO (ITAT Mumbai)

Omega Corrugators Pvt. Ltd Vs ITO (ITAT Mumbai) ITAT Mumbai bench has held that genuine omissions must be excluded from the levy of penalty under section 271 (1)(c) of the Income Tax Act, 1961. We find that assessee has debited a sum of Rs.3,57,541/- towards loss on sale of motor car in its profit and […]...

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Section 271I Penalty for failure in furnishing Form 15CA & Form 15CB

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 […]...

Read More
Posted Under: Income Tax |

Section 271H Penalty for late filing/non-filing of TDS or TCS return

The provisions of section 271H of the Income Tax Act penalizes the Deductor / Collector who fails to furnish the Tax Deducted at Source (TDS) return or Tax Collected at Source (TCS) return within the prescribed due dates. Section 271H also penalizes the Deductor / Collector who furnishes incorrect information while filing the TDS / [&hell...

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Posted Under: Income Tax |

Penalty for failure in furnishing report or furnishing inaccurate report under section 286 – Section 271GB

Section 271GB Penalty for failure in furnishing report or furnishing inaccurate report under section 286 The provisions of section 286 mandate certain specified entities to furnish a report in respect of the international group. In case such reporting entities fail in providing the requisite report or furnishes the report with inaccurate ...

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Posted Under: Income Tax |

Section 271GA Penalty for failure in furnishing the information / document in Form 49D as required under section 285A

Section 271GA Penalty for failure in furnishing the information / document in Form 49D as required under section 285A The provisions of section 285A of the Income Tax Act mandates the specified Indian concern to provide the particular information / document in the specified Form 49D. In case the Indian concern fails to furnish the [&helli...

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Section 271G Penalty for failure to furnish information / document as per provisions of section 92D

The penalty provision of section 271G of the Income Tax Act applies to the person (who has entered into an international transaction / specified domestic transaction) fails to furnish information / document within the prescribed time limit as specified under provisions of section 92D (3) of the Income Tax Act. The current article tries to...

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Section 271FB Penalty for default in furnishing return of fringe benefits

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 […]...

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Posted Under: Income Tax |

Section 271FAB Penalty for failure to furnish statement / information / document by an eligible investment fund

The present article provides a briefing on penalty provisions of section 271FAB of the Income Tax Act. It also explains the relevant provisions of section 9A of the Income Tax Act along with the amount of penalty payable under section 271FAB. Circumstances when penalty provisions of section 271FAB get attracted The penalty provisions of s...

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Posted Under: Income Tax |

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