Income Tax : The framework outlines penalties for defaults like under-reporting, TDS failures, and non-compliance, while allowing relief where ...
Income Tax : Furnishing incorrect crypto-asset information without rectification can attract a fixed penalty. The amendment strengthens account...
Income Tax : The Finance Bill, 2026 converts key penalties for audit and reporting delays into mandatory fees. The shift aims to reduce dispute...
Income Tax : The law now proposes a single consolidated assessment-cum-penalty order for under-reporting of income, reducing multiple proceedin...
Income Tax : The Tribunal held that penalty under Section 271DA cannot be imposed when the assessment order lacks recorded satisfaction of a 26...
Corporate Law : The Budget proposes a single integrated order for assessment and penalty to avoid parallel proceedings. The key takeaway is reduce...
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 : The case addressed ambiguity in penalty proceedings where the specific charge was not identified. The Court upheld deletion of pen...
Income Tax : The case involved an ambiguous penalty notice that did not clarify whether the charge was concealment or inaccurate particulars. T...
Income Tax : The case involved penalty on disallowance of purchases treated as non-genuine and estimated at 12.5%. Tribunal ruled that estimate...
Income Tax : The Tribunal held that penalty under section 271(1)(c) cannot be sustained when identical facts in earlier years led to deletion. ...
Income Tax : The ITAT held that penalty proceedings are invalid where the Assessing Officer does not specify whether the charge is concealment ...
Company Law : Penalty imposed on Cryo Scientific Systems for failure to maintain proper registers under Companies Act 2013. Learn more about the...
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...
Chennai ITAT ruled a S. 271D penalty time-barred, holding that the six-month limitation period starts from the AO’s recorded satisfaction in the assessment order, not the Addl. CIT’s notice.
The Tribunal found that additions made purely on estimated profit percentages cannot attract concealment penalty. Since no specific inaccuracy or suppression was proven, ITAT deleted the penalty in full. The ruling aligns with precedents from Delhi, Rajasthan, Punjab & Haryana, and Gujarat High Courts.
Indian tax law restricts cash transactions to promote digital payments. Limits apply to expense payments (Sec 40A(3): ₹10k/day), accepting loans/advances (Sec 269SS: ₹20k limit), and receiving funds (Sec 269ST: ₹2 lakh threshold). Non-compliance results in penalties or disallowance of expenditure.
Detailed overview of penalties under various sections of the Income Tax Act, covering defaults in tax payment, reporting, documentation, and TDS/TCS compliance with prescribed penalty amounts.
ITAT Delhi deleted a penalty levied under Section 272A(1)(d) against a Non-Resident Indian (NRI) for alleged non-compliance with a Section 142(1) notice.1 The court ruled that service of notice, not mere issuance, is mandatory, and lacking proof of service on the UK resident constituted a reasonable cause for non-compliance.
ITAT Pune held that filing a revised return after the Department detects wrong deductions is not voluntary. Since the assessee acted only after detection, penalty u/s 270A(9) for misreporting was rightly imposed at 200% of tax.
A summary of key penalties under the Income Tax Act for AY 2026-27, covering defaults from late filing and non-payment to misreporting income and non-compliance with compliance. Learn about financial penalties and potential rigorous imprisonment for serious tax offenses.
Comprehensive summary of income tax penalties under the Income Tax Act for AY 2026-27. Covers defaults in tax payment, filing, reporting, and compliance as amended by the Finance Act, 2025, with detailed penalty provisions.
This report provides a consolidated overview of the critical monetary threshold limits stipulated under various sections of the Income Tax Act, 1961, relevant for the Assessment Year (AY) 2026-27 (Financial Year 2025-26). These figures define taxability, exemption levels, eligibility for schemes, and compliance obligations for various categories of taxpayers, including individuals, corporations, and businesses.
ITAT Chennai found it impermissible for the Department to levy a S 271B penalty after accepting the assessee’s income as commission business in the scrutiny assessment. The key takeaway is that the Department cannot take a divergent stand on the nature of receipts (commission vs. turnover) in penalty proceedings.
