Income Tax Penalty - Page 10

Section 158BFA(2) – Penalty on undisclosed income for block period

Section 158BFA (2) of the Income Tax Act deals with levy of penalty on undisclosed income for the block period. As per the provisions, the penalty under section 158BFA (2) can be imposed on the direction of the Assessing Officer or the Commissioner (Appeals), during the course of the proceedings. The current article explains the […...

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

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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Section 140A(3) Penalty for non-payment of self-assessment tax

Section 140A of the Income Tax Act covers the provisions relating to the payment of self-assessment tax. Whereas, section 140A (3) of the Income Tax Act deals with the penalty for non-payment of self-assessment tax. As per section 140A (3), if the taxpayer fails to pay the self-assessment tax (either wholly or partly) or interest [&hellip...

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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...

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Section 271(1)(c) Penalty notice without any Specific allegation is unjustified

Dr. Subash Chandra Jena Vs ACIT (ITAT Cuttack)

Both assessment and the penalty order do not specify as to on which limb the AO intends to impose penalty u/s.271(1)(c) of the Act either for concealment of particulars of income or for furnishing of inaccurate particulars of such income....

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Penalty Under Sec. 270A : From Concealment to Under reporting

Changing the age old methodology of levy of penalty  u/s. 271(1)(c ) of the Income tax Act, Finance Act 2016 has introduced a new mechanism for penalty in the form of section  270A and 270AA....

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Approval of Penalty Proposals Moved by Assessing Authority

In a case where the Law mandates penalty order to be passed by the AO only with the approval of the Range Head (Joint/Additional Commissioner) it is important to bear in view that the Range Head cannot accord approval mechanically to the proposals sent to him. In law he is expected, so as to enthuse confidence of the taxpayers in his Inst...

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5 Ways to avoid Income Tax Penalties

We are morally bound to pay taxes, legally too. It is for the betterment of our own nation. The taxes we pay help the country develop and prosper, which is definitely good for the society at large....

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No section 271(1)(c) penalty for mere discrepancies Found during Survey

Rajendra Shringi Vs DCIT (ITAT Jaipur)

Rajendra Shringi Vs DCIT (ITAT Jaipur) The issue under consideration is whether the penalty order passed u/s 271(1)(c) is justified in law? ITAT states that no doubt, the discrepancies were found during the survey. This has yielded income from the assessee in the form of amount surrendered by the assessee. Presently, ITAT are not concerne...

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Penalties and Prosecutions under the Income tax Act

IS THE LEVY OF PENALTY AUTOMATIC? No penalty under the Income-tax Act is imposed unless the person concerned has been given reasonable opportunity of being heard. WHAT IS THE MINIMUM AND MAXIMUM PENALTY LEVIABLE? The quantum of penalty leviable depends upon the nature of default. The relevant sections of income-tax Act prescribe the minim...

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