Income Tax : Explore how seizure of documents can impact audit deadlines under Section 44AB and defenses against Section 271B penalties for aud...
Finance : Learn about Section 270A introduced in Finance Act 2016, effective from April 1, 2017, outlining penalties for under-reporting and...
Income Tax : Explore why penalties should not be imposed on estimated income, supported by legal rulings and principles ensuring fair tax admin...
Income Tax : Discover the implications of Income Tax Act Section 270A and penalties for under-reporting or misreporting income. Learn calculati...
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...
Income Tax : Budget 2024 reduces penalty relief period for TDS/TCS statement filing from one year to one month. Changes effective April 2025....
Income Tax : New amendments to the Black Money Act from October 2024 raise the exemption threshold for penalties on foreign assets to ₹20 lak...
Income Tax : Discover the proposed changes to Section 275 of the Income-tax Act, eliminating ambiguity in penalty imposition timelines. Effecti...
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...
Income Tax : In view of Indiscriminate notices by income Tax Department without allowing reasonable time it is requested to Finance Ministry an...
Income Tax : ITAT Bangalore held penalty initiation under Sections 271D/271E must be noted in assessment order; temporary family loans without ...
Income Tax : When an assessee voluntarily discloses income and the assessment is based on this disclosure without any changes, imposing a penal...
Income Tax : Penalties under Section 271(1)(c) cannot be imposed based on estimated additions without concrete evidence of concealment or inacc...
Income Tax : ITAT Chennai deletes Section 271B penalty for audit delay due to partner's health issues in Balaji Logistics case. Learn about the...
Income Tax : ITAT Mumbai held that no transfer pricing adjustment could have been made in the hands of assessee on account of ALP of specified ...
Company Law : The NFRA fines Shridhar & Associates and CA Ajay Vastani for professional misconduct in auditing RCFL's financials for FY 2018-19....
Income Tax : Order under Para 3 of the Faceless Penalty Scheme, 2021, for defining the scope of ‘Penalties’ to be assigned to the F...
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...
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...
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.
Understand the consequences of failing to maintain books of accounts and documents as required by section 271A of the Income Tax Act.
Learn about the penalty provisions under section 270A(1) of the Income Tax Act for under-reporting and misreporting of income.
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).
Avoid penalties for late filing of TDS / TCS returns. Learn about section 234E of the Income Tax Act and the prescribed due dates.
Understanding section 158BFA(2) of the Income Tax Act: Learn about the penalty for undisclosed income during the block period and the provisions for its imposition.
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.
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.
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
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.
