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Income Tax Penalty

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Penalty for Concealment of Income, Section 270A of Income Tax Act

Income Tax : Discover the implications of Income Tax Act Section 270A and penalties for under-reporting or misreporting income. Learn calculati...

June 19, 2024 4191 Views 0 comment Print

Draft Submission- No Section 271(1)(c) penalty when no specific limb been mentioned

Income Tax : Grounds of Appeal related to the penalty imposed u/s 271(1)(c) of the Act , 1961 AY 2015-16 1. In the facts and circumstances of t...

April 23, 2024 2175 Views 0 comment Print

Section 271B: How to Safeguard Against Audit Penalty

Income Tax : Dive into Section 271B's mandates, penalties, and exemptions under the Income Tax Act. Explore real cases, challenges, and strateg...

April 17, 2024 5952 Views 0 comment Print

How Penalty Under Section 270A Can Be Avoided

Income Tax : Learn how to avoid penalties under Section 270A of the Income Tax Act through understanding its provisions and utilizing Section 2...

April 9, 2024 5085 Views 0 comment Print

A Critical Appreciation of Ranchi Bench of ITAT in Rakesh Kr. Jha vs. ITO

Income Tax : Explore recent ITAT judgment in Rakesh Kr. Jha vs. ITO, delving into interpretation of Sections 271A and 271B, highlighting confli...

November 29, 2023 1572 Views 0 comment Print

Latest News

Late Fees, Interest, threat to levy penalty or to initiate prosecution – Tax Terrorism

CA, CS, CMA : People are held hostage in a cyber-world with ransom in the form of Late Fees and Interest and a threat to levy penalty or to init...

October 21, 2022 19371 Views 6 comments Print

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 an...

March 20, 2022 12891 Views 0 comment Print

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 bar...

March 20, 2022 41337 Views 2 comments Print

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 lim...

August 22, 2021 4707 Views 1 comment Print

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 31S...

January 21, 2020 66129 Views 31 comments Print

Latest Judiciary

Income Tax Notices Sent to Old Address Without Evidence of Service: ITAT Deletes Section 271(1)(b) Penalty

Income Tax : Read the detailed analysis of Sumit Maheshwari Vs ITO case where ITAT Delhi deletes penalty u/s 271(1)(b) of Income Tax Act due to...

June 16, 2024 2100 Views 0 comment Print

No section 271B penalty if reasonable cause exist or if assessee establishes its bonafides

Income Tax : Read the full text of the order from ITAT Agra where penalty u/s 271B was deleted for Tasavver Husain vs ITO. Detailed analysis an...

June 13, 2024 888 Views 0 comment Print

Delay in SFT-005 Filing: Excuse of Server Issue Rejected by ITAT

Income Tax : Read about the case of Waghodia Urban Co. Op. Bank Limited vs. Director of Income Tax regarding a penalty levied under Section 271...

June 9, 2024 213 Views 0 comment Print

ITAT deletes Section 271(1)(c) penalty for Non-application of mind

Income Tax : Read the detailed analysis of ITAT Ahmedabad's order canceling penalty under section 271(1)(c) of the Income Tax Act. Co-owner sta...

June 9, 2024 525 Views 0 comment Print

ITAT Agra Deletes Section 271(1)(b) Penalty Order Passed on Notice Service Day

Income Tax : ITAT Agra deletes penalty levied u/s 271(1)(b) in Ganeshi Lal Narayan Das vs DCIT, citing procedural fairness and assessees bona f...

June 5, 2024 462 Views 0 comment Print

Latest Notifications

NFRA Penalizes RCFL Auditors with ₹2.5 Crore Fine for Audit Misconduct

Company Law : The NFRA fines Shridhar & Associates and CA Ajay Vastani for professional misconduct in auditing RCFL's financials for FY 2018-19....

May 16, 2024 10959 Views 0 comment Print

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

Income Tax : Order under Para 3 of the Faceless Penalty Scheme, 2021, for defining the scope of ‘Penalties’ to be assigned to the F...

February 26, 2021 2721 Views 0 comment Print

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

Income Tax : It is a settled position that period of limitation of penalty proceedings under section 271D and 271E of the Act is governed by th...

April 26, 2016 7318 Views 0 comment Print

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

Income Tax : It has been brought to notice of CBDT that there are conflicting interpretations of various High Courts on the issue whether the l...

April 26, 2016 2521 Views 0 comment Print

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

February 20, 2020 2763 Views 0 comment Print

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 […]

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

February 19, 2020 38241 Views 2 comments Print

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 […]

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

February 19, 2020 43902 Views 2 comments Print

Understand the penalty for late filing/non-filing of TDS or TCS return as per section 271H of the Income Tax Act. Learn about the applicable due dates and penalty amounts.

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

February 18, 2020 26985 Views 0 comment Print

Understand the penalty provisions of section 271GB for failure to furnish accurate report under section 286. Learn about the applicability and amount of penalty under the Income Tax Act.

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

February 14, 2020 9318 Views 0 comment Print

Learn about the penalty for failure to furnish required information in Form 49D under section 285A of the Income Tax Act.

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

February 13, 2020 15498 Views 0 comment Print

Understanding section 271G penalty for failure to furnish information/documents under section 92D of the Income Tax Act.

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

February 12, 2020 3708 Views 2 comments Print

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 […]

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

February 12, 2020 4176 Views 0 comment Print

Get a briefing on the penalty provisions of section 271FAB of the Income Tax Act. Understand the consequences of failure to furnish statement/information/documents by an eligible investment fund.

Penalty for providing inaccurate statement of financial transaction or reportable account- Section 271FAA

February 11, 2020 11637 Views 0 comment Print

Avoid penalties under section 271FAA of the Income Tax Act for providing inaccurate statements of financial transactions or reportable accounts.

Penalty for Fake Invoices & False Entries- Section 271AAD

February 10, 2020 52104 Views 0 comment Print

Clause 98 of the Finance Bill 2020 has introduced Section 271AAD in the Income Tax Act relating to penalty for (a) a false entry or (b) any entry relevant to computation of total income of such person has been omitted with the intention to evade any tax liability in the books of account maintained by […]

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June 2024