Section 271B

Football & Income Tax- Penalty, in both, is Hefty

Income 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...

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No filed Tax Audit Report Before Due Date – Need to worry?

Income 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....

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Late Filing of Income Tax return & Misreporting – Beware

Income 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 […]...

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Section 44AB: An Analysis of Tax Audit provisions after Finance Act, 2020

Income 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 […]...

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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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No section 271B Penalty for Not Getting Books Audited if Reasonable Cause exist

Shree 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?...

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No section 271B Penalty for Not furnishing Audit Report before ITR Filing

Vrinda 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...

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No Section 271F Penalty if Reasonable Cause exists for Non Filing of ITR

Arjun 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?...

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Penalty proceedings initiated after 4.5 years not sustainable

Amit 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?...

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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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Recent Posts in "Section 271B"

Football & Income Tax- Penalty, in both, is Hefty

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 More
Posted Under: Income Tax |

No section 271B Penalty for Not Getting Books Audited if Reasonable Cause exist

Shree 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 More

No filed Tax Audit Report Before Due Date – Need to worry?

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 More
Posted Under: Income Tax |

No section 271B Penalty for Not furnishing Audit Report before ITR Filing

Vrinda 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 the instant case, […]...

Read More

No Section 271F Penalty if Reasonable Cause exists for Non Filing of ITR

Arjun 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 More

Late Filing of Income Tax return & Misreporting – Beware

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 More
Posted Under: Income Tax |

Section 44AB: An Analysis of Tax Audit provisions after Finance Act, 2020

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 More
Posted Under: Income Tax | ,

Penalty proceedings initiated after 4.5 years not sustainable

Amit 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 More

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....

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Posted Under: Income Tax |

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