Income Tax Penalty - Page 5

Section 271AAD Penalty on False Accounts -A Draconian Provision

The Finance Act,2020, has introduced a new section 271AAD in Chapter XXI – Penalties Imposable to discourage taxpayers to manipulate his books of accounts by recording false entries including fake invoices to claim wrong input credit in GST/VAT. The said section has been inserted following the investigation of Maharashtra Sales Tax Depa...

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Posted Under: Income Tax |

Penalty u/s. 271FA for non-filing of Annual Information Return (AIR)

We all know that Annual Information Return (AIR) is considered as very crucial financial transaction. But many time people are unaware regarding this concept and hence they are unable to comply with the same. Hence today I am covering this topic to state that what is annual information return (AIR), what is the due date […]...

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Section 234E – Fees for Late filing of TDS Return

Without prejudice to the provisions of the Act, where a person fails to deliver or cause to be delivered a statement within the time prescribed in sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C, he shall be liable to pay, by way of fee, a sum of two hundred rupees for every day during which the failure co...

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Penalties imposable in Income Tax Search Cases

Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well. There are three modes built in the fiscal legislation for encouraging tax compliance: (a) Charge of Interest; (b) Imposition of penalty; (c) launching of prosecution agai...

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Critical Analysis of Section 271AAD- Penalty for Fake Transactions – Part Two

The Authors in part one of the Article dealt with Historical Background and scope of Section 271AAD along with certain interesting issues. In this Article, the Authors would be addressing the other relevant issues in continuation to Part one....

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Fake Invoicing – Penalty under Income Tax & GST

In the recent past, GST Department has caught various fraudulent cases of Input Tax Credit. Fake invoice are issued without any actual supply of goods or services with an aim of claiming ITC and reduce GST output liability. To curb this, Finance Act,2020 has brought amendment to penalty provisions of Sec 122 & Sec 132 […]...

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Section 271AAD – Fair Interpretation and applicability

Finance Act,2020 has been enacted on 27th March,2020 after receiving assent of The President of India. Through this act section 271AAD has been inserted in Income Tax Act,1961 through Chapter-III of Finance Act,2020. In this article we have made an effort to interpret the section in a fair manner and in true spirit of legislation. [&helli...

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Whether it is Mandatory to Mention Nature of Penalty w.r.t. Section 270A in Assessment Order

Section 270A(8) states that where an under-reported income is in consequence of any misreporting by any person, such person shall be liable to pay 200% penalty on an amount of tax payable on such under-reported income.As per the said sub-section, penalty in case of misreporting is equal to 200% of under-reported income....

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Analysis of Section 271AAD introduced by Finance Act 2020

In the past we seen that, the GST department endeavours  several cases whereas fraudulent input tax credit has been availed and claimed. GST department stated that, in all cases bogus invoices are been obtained by the suppliers and fraudulently claim the ITC taken to reduce tax liability. The bogus invoices has been issued by the [&helli...

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Section 271AAD Penalty for false entry in books of account

Penalty for false entry, etc., in books of account. Recently, Finance Act, 2020 introduced penalty provision to curb malpractices of issuing fake invoice. As categorically explained by memorandum to Finance Bill, 2020 that after introduction of GST, several cases are found by GST authority where supplier are fraudulently claiming ITC on t...

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Posted Under: Income Tax |

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