Section 271C

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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TDS implication on purchase of property from NRI

Income Tax - It is essential to note that in case of purchase of property, the buyer is responsible for deducting the applicable tax at source (i.e. TDS) and deposit the same with the Government. Since the buyer is required to deduct the TDS, he would obviously be required to fulfil all the relevant compliance like TDS payment; […]...

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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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No penalty for deduction of TDS at Lower Rate under wrong section

Jitendra Sharma Vs JCIT (Intl Taxation) (ITAT Indore) - Jitendra Sharma Vs JCIT (Intl Taxation) (ITAT Indore) ITAT Indore held that no penalty under Section 271C to be levied for deduction of tax under Section 194IA @1% instead of Section 195 @ 20.6% on purchase of property from Non Resident. FULL TEXT OF THE ITAT JUDGEMENT The above captioned appeals fi...

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ITAT Deletes section 271C Penalty for Failure to Deduct TDS on LTA

Canara Bank (Erstwhile Syndicate Bank) Vs ACIT (ITAT Bangalore) - The issue under consideration is whether the penalty u/s 271C levied due to failure to deduct tax at source (TDS) on LTA paid to employee is justified in law?...

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No default due to Non Deduction of TDS on Interest where Form 15G is Submitted

Bank of India Vs. JCIT (ITAT Jaipur) - The issue under consideration is whether assessee is considered as assessee in default u/s 201(1) and 201(1A) for non-deduction of TDS?...

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No Section 271C Penalty is absence of contumacious conduct by assessee

Sarv Estate Pvt. Ltd Vs JCIT (ITAT Delhi) - The issue under consideration is whether the Ao is correct in levying penalty u/s 271C for failure to deduct tax at source u/s 194C on payment of external development work charges (EDC)?...

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No section 271C penalty for non-deduction of TDS on LTA

State Bank of India Vs Addl. CIT (ITAT Bangalore) - The issue under consideration is whether the AO is correct in levying penalty u/s 271C of the Act for non-deduction of tax at source on Leave Travel Allowance?...

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Recent Posts in "Section 271C"

No penalty for deduction of TDS at Lower Rate under wrong section

Jitendra Sharma Vs JCIT (Intl Taxation) (ITAT Indore)

Jitendra Sharma Vs JCIT (Intl Taxation) (ITAT Indore) ITAT Indore held that no penalty under Section 271C to be levied for deduction of tax under Section 194IA @1% instead of Section 195 @ 20.6% on purchase of property from Non Resident. FULL TEXT OF THE ITAT JUDGEMENT The above captioned appeals filed at the instances […]...

Read More

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 |

ITAT Deletes section 271C Penalty for Failure to Deduct TDS on LTA

Canara Bank (Erstwhile Syndicate Bank) Vs ACIT (ITAT Bangalore)

The issue under consideration is whether the penalty u/s 271C levied due to failure to deduct tax at source (TDS) on LTA paid to employee is justified in law?...

Read More

No default due to Non Deduction of TDS on Interest where Form 15G is Submitted

Bank of India Vs. JCIT (ITAT Jaipur)

The issue under consideration is whether assessee is considered as assessee in default u/s 201(1) and 201(1A) for non-deduction of TDS?...

Read More

No Section 271C Penalty is absence of contumacious conduct by assessee

Sarv Estate Pvt. Ltd Vs JCIT (ITAT Delhi)

The issue under consideration is whether the Ao is correct in levying penalty u/s 271C for failure to deduct tax at source u/s 194C on payment of external development work charges (EDC)?...

Read More

No section 271C penalty for non-deduction of TDS on LTA

State Bank of India Vs Addl. CIT (ITAT Bangalore)

The issue under consideration is whether the AO is correct in levying penalty u/s 271C of the Act for non-deduction of tax at source on Leave Travel Allowance?...

Read More

TDS implication on purchase of property from NRI

It is essential to note that in case of purchase of property, the buyer is responsible for deducting the applicable tax at source (i.e. TDS) and deposit the same with the Government. Since the buyer is required to deduct the TDS, he would obviously be required to fulfil all the relevant compliance like TDS payment; […]...

Read More
Posted Under: Income Tax | ,

No section 271C Penalty if TDS duly deducted & remitted at year end

ITO (TDS) Vs Om Sai Ram Enterprises Ravulapalem (ITAT Visakhapatnam)

Where assessee duly deducted tax at source under section 194C at the end of the year and remitted the same to Government account, the penalty imposed under section 271C for assessee’s failure to deduct tax at source and remittance to Government account, would not be sustainable....

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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 | ,

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