Section 270A

Beginning of a new penalty era – Section 270A

Income Tax - New penalty law was inserted vide section 270A under the Income Tax Act, 1961 ('the Act') which is based on under-reporting and misreporting of income, replacing the erstwhile basis of concealment or furnishing of inaccurate particulars of income....

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Due date for filing Revise TDS Return?

Income Tax - On filling income tax return, one of the crucial part is to fill the TDS claim during the relevant financial year which should be match with TDS Credit reflects in Form 26AS. On non-matching of TDS claimed with TDS credit reflected in Form 26AS, demand will be raised by IT department on processing of return under section 143(1) of Income ...

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Judicial Support to New Penal provision Under Section 270A

Income Tax - Section 270A is a new penalty provision which was introduced by endorsing the philosophy that in order to bring objectivity, certainty and clarity into the penalty provisions, it is repealed by an altogether a new penal provision. The issue as to existence of (i) concealment of income or (ii) furnishing inaccurate particulars of income ha...

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Penalties imposable in Income Tax Search Cases

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

Income Tax - 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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Recent Posts in "Section 270A"

Beginning of a new penalty era – Section 270A

New penalty law was inserted vide section 270A under the Income Tax Act, 1961 ('the Act') which is based on under-reporting and misreporting of income, replacing the erstwhile basis of concealment or furnishing of inaccurate particulars of income....

Read More
Posted Under: Income Tax |

Due date for filing Revise TDS Return?

On filling income tax return, one of the crucial part is to fill the TDS claim during the relevant financial year which should be match with TDS Credit reflects in Form 26AS. On non-matching of TDS claimed with TDS credit reflected in Form 26AS, demand will be raised by IT department on processing of return under section 143(1) of Income ...

Read More
Posted Under: Income Tax | ,

Judicial Support to New Penal provision Under Section 270A

Section 270A is a new penalty provision which was introduced by endorsing the philosophy that in order to bring objectivity, certainty and clarity into the penalty provisions, it is repealed by an altogether a new penal provision. The issue as to existence of (i) concealment of income or (ii) furnishing inaccurate particulars of income ha...

Read More
Posted Under: Income Tax |

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...

Read More
Posted Under: Income Tax |

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....

Read More
Posted Under: Income Tax |

Section 270AA: Immunization of Section 270A Income Tax Penalty

Immunity from imposition of penalty, etc. 270AA. (1) An assessee may make an application to the Assessing Officer to grant immunity from imposition of penalty under section 270A and initiation of proceedings under section 276C or section 276CC, if he fulfils the following conditions, namely:—  (a) the tax and interest payable as ...

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Posted Under: Income Tax |

Penalty & immunity under Section 270A / 270AA- Practical Issues

The legislature changed the entire law on penalty by shifting the defaults of ‘concealment or furnishing inaccurate particulars of income’ u/s 271(1)(c) of the Income tax Act, 1961 (Act)  to new defaults of ‘Underreporting or Misreporting of the Income’ u/s 270A of the Act for the assessment year beginning on or after 01/04/2017 ...

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Posted Under: Income Tax |

Section 270A(1) Penalty for under-reporting & misreporting of income

Penalty under section 270A of the Income Tax Act for under-reporting and misreporting of income can be imposed by the Assessing Officer / the Commissioner (Appeals) / the Principal Commissioner / the Commissioner. Under the current article, we would thoroughly understand the penalty provisions attached with the under-reporting and misrepo...

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Posted Under: Income Tax |

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