Income Tax : Those who are working and fall under a tax slab as per their annual income get TDS deducted by their employers on a monthly basis...
Income Tax : Understanding penalties and prosecutions under the Income tax Act. Learn about the minimum and maximum penalties, and how they can...
Custom Duty : Changes in Prosecution guidelines vis a vis smuggling of gold and foreign currency by Foreign Nationals under Customs Act, 1962 Ce...
Income Tax : Section 276CC of Income tax Act provides for period of rigorous imprisonment and fine in case of willful failure to file return of...
Income Tax : IMC, BCAS, CAAA, CAAS, KSCAA and LCAS has made a Joint Representation on mechanical issue of prosecution notices by the Income-tax...
Income Tax : Representation for substitution of Prosecution provisions under the Income Tax Act by reasonable monetary penalty as done in case ...
Excise Duty : FORMER Central Excise Commissioner Ms LR Mithran was sentenced to a four year Rigorous Imprisonment with a fine of Rs. 20,000 for ...
Excise Duty : The sources said the alleged duty evasion in import of raw materials for production of copper products was detected during a raid ...
Income Tax : Income Tax Department Vs Sri D K Shivakumar (Karnataka High Court) The gist of the offence under section 276C(1) is the wilfull at...
Income Tax : While hearing an appeal filed by Dabur India Ltd Promoter Pradip Burman in Black Money case related to undisclosed Bank Account ma...
Income Tax : From the figure of prosecution complaints filed and pendency of compounding applications reported in respect of your region till J...
Representation for substitution of Prosecution provisions under the Income Tax Act by reasonable monetary penalty as done in case of the prosecutions under the Companies Act; increasing the monetary limit for initiating prosecution complaints in Income tax matters etc. and widening the scope of compounding in prosecution cases. DIRECT TAXES PROFESSIONALS’ ASSOCIATION Income Tax Building, […]
Income Tax Department Vs Sri D K Shivakumar (Karnataka High Court) The gist of the offence under section 276C(1) is the wilfull attempt to evade any tax, penalty or interest chargeable or imposable or under reports of the income. What is made punishable is “attempt to evade tax, penalty or interest” and not the “actual […]
Those who are working and fall under a tax slab as per their annual income get TDS deducted by their employers on a monthly basis, whereas small business owners are often seen escaping the tax demon by hiding their actual annual income. Correspondingly, they save thousands on taxes, which is not a very good idea to save the taxes because these people are going to get a tax notice sooner or later. These transgressions can invite penalties and the person has to pay up to 300% of the unpaid amount as the tax.
Understanding penalties and prosecutions under the Income tax Act. Learn about the minimum and maximum penalties, and how they can be reduced or waived.
Changes in Prosecution guidelines vis a vis smuggling of gold and foreign currency by Foreign Nationals under Customs Act, 1962 Central Board of Indirect Tax & Customs has made certain changes with regard to Prosecution of Foreign Nationals for the offences covered under the Customs Act, 1962 involving Foreign Currency vide Circular No.12/2019-Customs dated 24th […]
Section 276CC of Income tax Act provides for period of rigorous imprisonment and fine in case of willful failure to file return of income under section 139/148/153A or in response to Notice u/s 142(1). The Prosecution is as follows – 1. If amount of tax sought to be evaded is Rs 25 Lakh or less […]
IMC, BCAS, CAAA, CAAS, KSCAA and LCAS has made a Joint Representation on mechanical issue of prosecution notices by the Income-tax department to Ministry of Finance, Government of India. Text of the same is as follows:- To Ajay Bhushan Pandey, Secretary (Revenue), Ministry of Finance, Government of India, 128-A North Block, New Delhi. Respected Sir, […]
From the figure of prosecution complaints filed and pendency of compounding applications reported in respect of your region till Jan,2017, I find that performance in this area is not upto the mark.
To prevent litigation and encourage early settlement of disputes, the Government introduced a scheme in year 2005 providing for compounding of offences against payment of compounding amount. Initially, it was extended to offences under Customs Act, 1962 and Central Excise Act, 1944. In the year 2012, it has been extended to offences under the Finance Act, 1994 (relating to service Tax) also.
IN this Article we have discussed 37 defaults which invites levy of Penalty and 17 offences which are punishable under under the Income Tax Act,1961. Articles further discusses in brief about Penalty & Prosecution Provision in Brief.
