Section 271AAD

Provisional Income Tax attachment in Fake Invoice cases

Income Tax - Budget 2021 – Section 281B of the Act contains provisions which provide that in cases of assessment or reassess-ment the Assessing Officer may provisionally attach any property of the assessee, if necessary, in order to protect the interest of revenue. This can be done only with prior approval of Pr. Chief Commissioner or Pr Directo...

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Section 271AAD – Penalty for fake invoices / false entry

Income Tax - Decoding Section 271AAD – Penalty for false entry / fake invoices  [inserted vide Finance Act, 2020 – w.e.f. 01.04.2020] Chapter XXI of the Income Tax Act, 1961 is well-stocked with Penal provisions imposing penalties for breach of statutory provisions. Sec.271AAD is a new addition to this family, which imposes penalty for “false e...

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Recent Changes & Issues in Income Tax & International Taxation

Income Tax - Article explains guidelines for Mutually Agreed Procedure (MAP), Changes in Tax Residency Rules, Changes in equalization levy, Amendments w.r.t. Dividend Distribution Tax (DDT), Applicability of S 269 SU to B2B Businesses, Deferment for Approval/ Registration of Charitable Trusts & Exempt Institutions, Reduction in TDS/TCS Rates, TDS ...

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Section 271AAD Penalty on False Accounts -A Draconian Provision

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

Income Tax - 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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Penalty u/s 271AAD for false entry etc. in books of accounts-reg

F. No. 414/02/2021 — IT (Inv. I) - (11/01/2021) - We recently found below CBDT instruction on Social media on ‘Penalty u/s 271AAD for false entry etc. in the books of accounts’ but we are not able to verify this from official sources so readers are requested to please check from their own sources before relying on the below post. F. No....

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Recent Posts in "Section 271AAD"

Provisional Income Tax attachment in Fake Invoice cases

Budget 2021 – Section 281B of the Act contains provisions which provide that in cases of assessment or reassess-ment the Assessing Officer may provisionally attach any property of the assessee, if necessary, in order to protect the interest of revenue. This can be done only with prior approval of Pr. Chief Commissioner or Pr Directo...

Read More
Posted Under: Income Tax |

Penalty u/s 271AAD for false entry etc. in books of accounts-reg

F. No. 414/02/2021 — IT (Inv. I) 11/01/2021

We recently found below CBDT instruction on Social media on ‘Penalty u/s 271AAD for false entry etc. in the books of accounts’ but we are not able to verify this from official sources so readers are requested to please check from their own sources before relying on the below post. F. No. 414/02/2021 — IT […]...

Read More

Section 271AAD – Penalty for fake invoices / false entry

Decoding Section 271AAD – Penalty for false entry / fake invoices  [inserted vide Finance Act, 2020 – w.e.f. 01.04.2020] Chapter XXI of the Income Tax Act, 1961 is well-stocked with Penal provisions imposing penalties for breach of statutory provisions. Sec.271AAD is a new addition to this family, which imposes penalty for “false e...

Read More
Posted Under: Income Tax |

Recent Changes & Issues in Income Tax & International Taxation

Article explains guidelines for Mutually Agreed Procedure (MAP), Changes in Tax Residency Rules, Changes in equalization levy, Amendments w.r.t. Dividend Distribution Tax (DDT), Applicability of S 269 SU to B2B Businesses, Deferment for Approval/ Registration of Charitable Trusts & Exempt Institutions, Reduction in TDS/TCS Rates, TDS ...

Read More
Posted Under: Income Tax |

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...

Read More
Posted Under: Income Tax |

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....

Read More
Posted Under: Income Tax |

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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Posted Under: Income Tax |

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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Posted Under: Income Tax |

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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Posted Under: Income Tax |

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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