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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 1929 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 5835 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 4896 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 1557 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 6342 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 19365 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 12873 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 41316 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 4674 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 105 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 750 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 180 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 486 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 456 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 10884 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 2709 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 2500 Views 0 comment Print

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

January 20, 2020 52200 Views 2 comments Print

Understand the penalty for non-payment of self-assessment tax under Section 140A(3) of the Income Tax Act. Learn about the applicability and amount of penalty payable.

Good knowledge of law a must for those in practice

January 14, 2020 3444 Views 0 comment Print

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

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

January 8, 2020 39021 Views 0 comment Print

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.

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

December 26, 2019 206508 Views 6 comments Print

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.

Approval of Penalty Proposals Moved by Assessing Authority

December 12, 2019 4245 Views 1 comment Print

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 Institution, to act dispassionately without getting influenced by the tentative views of the AO.

5 Ways to avoid Income Tax Penalties

December 12, 2019 6627 Views 1 comment Print

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.

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

November 29, 2019 3792 Views 0 comment Print

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 concerned […]

Penalties and Prosecutions under the Income tax Act

September 26, 2019 9768 Views 0 comment Print

Understanding penalties and prosecutions under the Income tax Act. Learn about the minimum and maximum penalties, and how they can be reduced or waived.

No Section 271AAB penalty In absence of mechanism to report investment in tax return

August 21, 2019 945 Views 0 comment Print

Where assessee was not required to maintain any books of account and there was no mechanism to report the investment in the tax return, the said investment could not be held as undisclosed investment and more so, undisclosed income so defined in section 271AAB, therefore, investment so found in purchase of Villa could not be termed as undisclosed income within the meaning of “undisclosed income” and penalty levied thereon was liable to be set aside.

Penalties under Various Sections of Income Tax Act, 1961

May 10, 2019 6642 Views 0 comment Print

Understanding the penalties under the Income Tax Act, 1961. Learn about the consequences of non-compliance and the monetary punishments imposed.

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June 2024