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Income Tax Penalty

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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 1191 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 5580 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 4044 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 1467 Views 0 comment Print

Penalties for not Maintaining Documents for Specified Domestic Transactions

Income Tax : Penalties for failing to maintain records of specified domestic transactions. Learn about arm's length pricing & essential documen...

November 3, 2023 6225 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 19338 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 12846 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 41187 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 4563 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 66069 Views 31 comments Print

Latest Judiciary

No Penalty Under Section 271(1)(c) When No Tax is Evaded

Income Tax : Can penalty under Section 271(1)(c) be imposed if self-assessment tax was paid before notice u/s 148? Read the detailed analysis o...

May 17, 2024 4254 Views 0 comment Print

No Section 271B penalty if reasonable cause exist for delay in furnishing Tax Audit Report

Income Tax : Detailed analysis of the appeal against a penalty imposed under Section 271B of the Income Tax Act by the ITAT Delhi in the case o...

May 9, 2024 420 Views 0 comment Print

Differences in Approved Valuer’s Opinion Not Concealment of Income: ITAT Chennai

Income Tax : ITAT Chennai observed that differences in valuation opinions are common, and the assessee's claim based on an approved valuer's re...

May 9, 2024 243 Views 0 comment Print

No Penalty for Expenses Disallowed Ad Hoc or Due to some Missing Vouchers

Income Tax : ITAT observed that the disallowance of expenses by the AO was on an estimate and ad hoc basis due to the absence of supporting evi...

May 9, 2024 273 Views 0 comment Print

No section 270A penalty for addition on account of estimation of fair market value by Valuation Officer

Income Tax : ITAT Mumbai rules penalty under Section 270A deleted as I-T authority failed to consider reasons for difference in sale considerat...

May 9, 2024 561 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 17, 2024 9984 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 2688 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 7312 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 2455 Views 0 comment Print

Govt to notify e-scheme for imposing Income tax penalty

February 2, 2020 1386 Views 0 comment Print

it is proposed to insert a new sub-section (2A) in section 274 so as to provide that Central Government may notify an e-scheme for imposing penalty so as to impart greater efficiency, transparency and accountability

Section 271AAD Penalty for fake invoice

February 2, 2020 12546 Views 0 comment Print

In the recent past after the launch of Goods & Services Tax (GST), several cases of fraudulent input tax credit (ITC) claim have been caught by the GST authorities. In these cases, fake invoices are obtained by suppliers registered under GST to fraudulently claim ITC and reduce their GST liability. These invoices are found to […]

Section 271BA Penalty for failure to furnish section 92E report

February 1, 2020 10938 Views 0 comment Print

Understand the penalty for failure to furnish a section 92E report under section 271BA of the Income Tax Act.

Section 271B Penalty for failure to get accounts audited

January 31, 2020 82416 Views 1 comment Print

Understand the implications of section 271B penalty for failure to get accounts audited as per the Income Tax Act.

Section 271AAC Penalty in respect of certain specified income

January 31, 2020 189438 Views 2 comments Print

Understand the penalty provisions of Section 271AAC of the Income Tax Act. Learn about the consequences of income determined under specific sections.

Section 271AAB Penalty on undisclosed income where search has been initiated  

January 29, 2020 29721 Views 0 comment Print

Understand the penalty provisions under Section 271AAB of the Income Tax Act for undisclosed income found during search proceedings.

Section 271AA Penalty for failure to maintain Transfer Pricing documents

January 28, 2020 17994 Views 1 comment Print

Understand the penalties for failure to maintain transfer pricing documents under section 271AA of the Income Tax Act.

Penalty & immunity under Section 270A / 270AA- Practical Issues

January 28, 2020 38628 Views 0 comment Print

Understand the practical issues related to the new penalty provisions under Section 270A of the Income Tax Act. Learn about underreporting and misreporting of income and the implications for taxpayers.

Section 271A Penalty for failure to keep / maintain or retain books of accounts, documents

January 27, 2020 43149 Views 0 comment Print

Understand the consequences of failing to maintain books of accounts and documents as required by section 271A of the Income Tax Act.

Section 270A(1) Penalty for under-reporting & misreporting of income

January 24, 2020 49536 Views 0 comment Print

Learn about the penalty provisions under section 270A(1) of the Income Tax Act for under-reporting and misreporting of income.

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May 2024