Section 271B

Practical Approach to Presumptive Taxation- E-Book

Income Tax - E-BOOK ON PRACTICAL APPROACH TO PRESUMPTIVE TAXATION This Article/ E-Book  explains Provisions of Section 44AB,  Provisions of Section 44AA , Provisions of Section 44AD of Income Tax Act, 1961,   Applicability of provisions of sec 44AA, 44AB and 44AD when turnover is up to Rs. 1 crore, Presumptive Taxation Scheme under Section 44ADA, ...

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Prosecutions and Punishment under Income Tax Act, 1961

Income Tax - Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against the taxpayers for various offences. In this part you can gain knowledge about the various provisions relating to prosecution which can be launched under the Income-tax Act....

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Income Tax Offences liable to prosecution

Income Tax - Apart from levy of penalty for various defaults by the taxpayer, the Income-tax Law also contains provisions for launching prosecution for offences committed by the taxpayer. In this part you can gain knowledge about offences in respect of which prosecutions can be launched under the Income-tax Law....

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Power of Commissioner to Reduce or Waive Income Tax Penalty

Income Tax - In the tutorial on Penalties Under the Income-tax Act, we discussed various penalties imposable under the Income-tax Act in respect of various defaults. Apart from enacting penalty provisions...

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Penalties under Income-Tax Act, 1961

Income Tax - Under the Income-tax Act, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory and a few are at the discretion of the tax authorities. In this part, you can gain knowledge about the provisions relating to various penalties leviable under the Income-tax Act....

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No Section 271B Penalty if Tax Audit Report not submitted due to misinterpretation of CBDT Circular

Mudassir Rashid Ahmed Bakhla Makker & Co. Vs ITO (ITAT Mumbai) - Undisputedly, the assessee has obtained the tax audit report on 10th September 2013, i.e., much before the due date of filing of return of income. However, as stated by the assessee, due to lack of clarity and misinterpretation of the Circular issued by the Board, the assessee did not filed tax audi...

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No Penalty for delay in tax audit report submission due to technical venial breach

Arka Eduserve Pvt. Ltd. Vs ITO (ITAT Bangalore) - In the instant case, the audit report was obtained within the due date prescribed u/s 44AB of the Act. The delay has occurred due to delay in filing return of income. The assessee has stated that it was under bonafide belief that the audit report could also be filed before 31.3.2015. There is also n...

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No Section 271B Penalty if books of account not maintained

Naveen Kumar Kaparthy Vs ITO (ITAT Hyderabad) - Naveen Kumar Kaparthy Vs ITO (ITAT Hyderabad) In the instant case, when the books of account are not maintained, the AO did not initiate any proceedings for not maintaining the books of account. The AO obviously satisfied that the books of account were not maintained for good and sufficient reasons....

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Section 271B Penalty Not Leviable for Undisclosed Turnover

Vinay Agrawal Vs ITO (ITAT Indore) - Penalty U/s. 271B of the Income Tax Act, 1961 is leviable for failure to get accounts audited where the turnover / gross receipts exceeds the prescribed limit. Many times it happens that the turnover as per the regular books of accounts remains under the prescribed limit and as such the assessee do ...

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Penalty for Failure to get accounts audited cannot be levied if books not maintained

Somnath Ghosh Vs ITO (ITAT Kolkata) - Assessee assailed the imposition of penalty under section 271B imposed by AO on account of failure to get accounts audited under section 44AB. Assessee contended that penalty was not justified as no books of account were maintained by assessee....

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Recent Posts in "Section 271B"

Practical Approach to Presumptive Taxation- E-Book

E-BOOK ON PRACTICAL APPROACH TO PRESUMPTIVE TAXATION This Article/ E-Book  explains Provisions of Section 44AB,  Provisions of Section 44AA , Provisions of Section 44AD of Income Tax Act, 1961,   Applicability of provisions of sec 44AA, 44AB and 44AD when turnover is up to Rs. 1 crore, Presumptive Taxation Scheme under Section 44ADA, ...

Read More

Prosecutions and Punishment under Income Tax Act, 1961

Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against the taxpayers for various offences. In this part you can gain knowledge about the various provisions relating to prosecution which can be launched under the Income-tax Act....

Read More
Posted Under: Income Tax |

Income Tax Offences liable to prosecution

Apart from levy of penalty for various defaults by the taxpayer, the Income-tax Law also contains provisions for launching prosecution for offences committed by the taxpayer. In this part you can gain knowledge about offences in respect of which prosecutions can be launched under the Income-tax Law....

Read More
Posted Under: Income Tax | ,

Power of Commissioner to Reduce or Waive Income Tax Penalty

In the tutorial on Penalties Under the Income-tax Act, we discussed various penalties imposable under the Income-tax Act in respect of various defaults. Apart from enacting penalty provisions...

Read More
Posted Under: Income Tax | ,

Penalties under Income-Tax Act, 1961

Under the Income-tax Act, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory and a few are at the discretion of the tax authorities. In this part, you can gain knowledge about the provisions relating to various penalties leviable under the Income-tax Act....

Read More
Posted Under: Income Tax | ,

Penalties and Prosecutions Under Income tax Act, 1961

Penalties and Prosecutions 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. The document will provide you information about the punishable offences, prosecutions and the quantum of penalties that can be imposed under the...

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Posted Under: Income Tax |

No Section 271B Penalty if Tax Audit Report not submitted due to misinterpretation of CBDT Circular

Mudassir Rashid Ahmed Bakhla Makker & Co. Vs ITO (ITAT Mumbai)

Undisputedly, the assessee has obtained the tax audit report on 10th September 2013, i.e., much before the due date of filing of return of income. However, as stated by the assessee, due to lack of clarity and misinterpretation of the Circular issued by the Board, the assessee did not filed tax audit report before the due date of return o...

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Section 271B Penalty for failure to get accounts audited

According to provisions of section 44AB of the Income Tax Act, specific categories of the assessee are required to get their accounts audited. Accordingly, such specified categories of the assessee are also required to furnish the tax audit report. In case of any default, the assessee would be penalized under section 271B of the Income [&...

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Posted Under: Income Tax |

No Penalty for delay in tax audit report submission due to technical venial breach

Arka Eduserve Pvt. Ltd. Vs ITO (ITAT Bangalore)

In the instant case, the audit report was obtained within the due date prescribed u/s 44AB of the Act. The delay has occurred due to delay in filing return of income. The assessee has stated that it was under bonafide belief that the audit report could also be filed before 31.3.2015. There is also no dispute with regard to the fact that t...

Read More

No Section 271B Penalty if books of account not maintained

Naveen Kumar Kaparthy Vs ITO (ITAT Hyderabad)

Naveen Kumar Kaparthy Vs ITO (ITAT Hyderabad) In the instant case, when the books of account are not maintained, the AO did not initiate any proceedings for not maintaining the books of account. The AO obviously satisfied that the books of account were not maintained for good and sufficient reasons. When the AO accepted the […]...

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