Income Tax : Understand penalties for under-reporting or misreporting income under Section 270A of the Income Tax Act. Fines range from 50% to ...
Income Tax : Understand relief mechanisms and defences under Section 271D of the Income Tax Act for accepting cash loans or deposits over ₹20...
Income Tax : Simplified penalty timelines under Section 275 effective April 2025, including changes in penalty powers, omissions, and clarifica...
Income Tax : Appeal against penalty under Section 271(1)(b) citing ill health, lack of awareness of Faceless Scheme, and procedural lapses. Req...
Income Tax : Section 115BBE imposes a high tax rate on unexplained income to prevent tax evasion. Learn about tax rates, penalties, and complia...
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 : Assessee-a government-owned entity, had initially filed its income tax return for the assessment year 2016-17, declaring nil incom...
Income Tax : ITAT Delhi held that concealment of income via bogus share capital transaction duly attracts levy of penalty under section 271(1)(...
Income Tax : ITAT Pune held that non-inclusion of disallowance u/s. 43B while filing income tax return is bona fide and inadvertent error. Acco...
Income Tax : ITAT Pune rules AO failed to justify penalty under Section 270A, citing lack of clear misreporting by assessee for AYs 2017–18 a...
Income Tax : ITAT Rajkot cancels penalty on Anil Odedara, ruling income was estimated and not grounds for concealment under Section 271(1)(c) o...
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...
Understand the penalty provisions of section 271GB for failure to furnish accurate report under section 286. Learn about the applicability and amount of penalty under the Income Tax Act.
Learn about the penalty for failure to furnish required information in Form 49D under section 285A of the Income Tax Act.
Understanding section 271G penalty for failure to furnish information/documents under section 92D of the Income Tax Act.
The penalty provisions of section 271FB of the Income Tax Act applies to all the employer (who paid fringe benefits to its employees) who fails to furnish the ‘return of fringe benefits’ as required under section 115WD (1) of the Income Tax Act. The said penalty provisions of section 271FB are taken up and explained […]
Get a briefing on the penalty provisions of section 271FAB of the Income Tax Act. Understand the consequences of failure to furnish statement/information/documents by an eligible investment fund.
Avoid penalties under section 271FAA of the Income Tax Act for providing inaccurate statements of financial transactions or reportable accounts.
Clause 98 of the Finance Bill 2020 has introduced Section 271AAD in the Income Tax Act relating to penalty for (a) a false entry or (b) any entry relevant to computation of total income of such person has been omitted with the intention to evade any tax liability in the books of account maintained by […]
Learn about the penalty provisions of section 271FA of the Income Tax Act and understand the consequences of failing to furnish the statement of financial transactions or reportable account.
The person who breaches the provisions of section 269T of the Income Tax Act is liable to pay the penalty under section 271E of the Income Tax Act. The basic understanding of section 269T states that the person cannot repay any loans / deposits / specified advances in cash if the amount of payment is […]
The provisions of section 271(1)(c) of the Act are penal in nature and they are required to be strictly construed. These cannot be extended by way of liberal interpretation to include the cases, which otherwise, do not fall within the purview and scope of the provisions of section 271(1)(c) of the Act.
