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Income Tax - If the assessee fails to get his accounts audited or furnish a report of such audit u/s 44AB, > a flat penalty u/s 271 B shall be attracted: 1/2% of total Sales, turnover or gross receipts in business / profession Or Sum of Rs. 150,000 (w.e.f.1-4-2011) (prior to that max. penalty was Rs. 1 Lac) […]...
Read MoreIncome Tax - Arjuna, while playing on the Football Ground if, a player pushes other players or creates any obstruction then the referee whistles and show a Yellow Card. Yellow Card represents a mild penalty. If you look at Income Tax, the taxpayers are intimated by a prior notice and thereafter a penalty is levied...
Read MoreIncome Tax - Article explains Tax audit under section 44 AB of the Income Tax Act, 1961 and its due date and implications if not completed within the due date....
Read MoreIncome Tax - In our county many people have tendency of waiting till last to file Income Tax return and at the end some time they end up either misreporting of income or they miss the deadline. In Recent few years late filing penalty has been increased significantly. Last date for the filing of income tax return for […]...
Read MoreIncome Tax - The provisions of Section 44AB have been amended by the Finance Act, 2020 giving rise to major confusion in the minds of businessmen and professionals alike. A third threshold limit of Rs 5 crores has been added in order to reduce compliance burden on small retailers, traders, shopkeepers who comprise the MSME sector. In this […]...
Read MoreSantosh Kumar Vs ITO (ITAT Jaipur) - Santosh Kumar Vs ITO (ITAT Jaipur) Tribunal has considered the guidance note of ICAI in respect of the tax audit U/s 44AB of the Act wherein the turnover or gross receipt in respect of speculative transactions has been considered as some total of positive and negative outcome of the speculative tran...
Read MoreShree Balaji Construction Vs DCIT (ITAT Indore) - whether assessee can be held liable u/s 271B of the Act for not getting the books audited during the years when the advances were received from customers under percentage completion method?...
Read MoreVrinda Sales P. Ltd Vs ITO (ITAT Delhi) - Vrinda Sales P. Ltd Vs ITO (ITAT Delhi) The issue under consideration is whether CIT(A) is correct in levying penalty under Section 271B for not auditing books of accounts/ furnishing reports of the audit of books of accounts on the due date of filing Income Tax Return (ITR)? ITAT states that, in th...
Read MoreArjun Dada Kharate Vs DCIT (ITAT Pune) - The issue under consideration is whether the Penalty u/s 271F will be levied for non filing of Income Tax Return even in case of reasonable cause?...
Read MoreAmit Sabharwal Vs ITO (ITAT Delhi) - The issue under consideration is whether the penalty proceeding initiated after 4.5 years from date of original assessment order is justified in lawand also when order was silent about the levy of penalty under section 271B?...
Read MoreSantosh Kumar Vs ITO (ITAT Jaipur) -
Shree Balaji Construction Vs DCIT (ITAT Indore) -
Vrinda Sales P. Ltd Vs ITO (ITAT Delhi) -
Arjun Dada Kharate Vs DCIT (ITAT Pune) -
Amit Sabharwal Vs ITO (ITAT Delhi) -
