Section 271C

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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Section 271C Penalty for failure / non-deduction / non-payment of TDS

Income Tax - Article explains Provisions of Section 271C of Income Tax Act, 1961 which provides for Penalty for failure / non-deduction / non-payment of TDS. Basically, as we know, ‘TDS’ i.e. Tax Deduction at Source is a system through which tax is deducted at the very source of income. Putting up simply, the TDS system works as […]...

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Consequences for TDS non compliances

Income Tax - 1. Disallowance of expenditure; u/s 40(a)(i) of and section 40(a)(ia), if Tax not deducted / not deposited till the due date of filing of return; a. Payment to Non-resident ;100% expenses disallowed b. Payment to resident ;30% expenses disallowed However, if tax is deducted or deposited in subsequent year, the expenditure so disallowed s...

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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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Section 271C applies to both failure to deduct and pay TDS

Eswar Exports Vs Add. CIT (ITAT Visakhapatnam) - Since assessee had deducted the TDS, but not remitted to Government account and for that he had not given any satisfactory explanation either before AO or before CIT(A), therefore, penalty under section 271C was justified....

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No TDS default if recipient paid tax on income

ACIT Vs Chaitanya Educational Trust (ITAT Hyderabad) - ACIT Vs Chaitanya Educational Trust (ITAT Hyderabad) Since the assessee has filed the certificates of the recipients with proof that the recipients have offered the income to tax in their hands, the assessee shall not be treated as an assessee in default u/s 201(1) of the Act. FULL TEXT OF THE ITAT ...

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Penalty Not Leviable U/S 271C if Reasonable Cause Shown for Non-Deduction of TDS

State Bank of India Vs ACIT (ITAT Jaipur) - Since assessee had a reasonable cause for non-deduction of TDS, penalty u/s 271C not leviable in terms of section 273B....

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Penalty U/s. 271C cannot be imposed for updation error in software

State Bank of India Vs. Addl. CIT-(TDS) (ITAT Agra) - Assessee cannot be considered as having done willful neglect for non-compliance of the TDS provisions. This is just a technical mistake and, accordingly, the assessee cannot be held to be an assessee in default and no penalty can be imposed....

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No Penalty for Short-Deduction of TDS due to bonafide confusion

Shapoorji Pallonji and Co.(P) Ltd. Vs. J.C.I.T. (TDS) (ITAT Kolkata) - While allowing the appeal filed by the assessee Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently declared that penalty under Section 271C of the Income Tax Act would not attract when there is a short deduction of tax due to bonafied confusion. ...

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Recent Posts in "Section 271C"

Penalty not leviable for non deduction of TDS due to reasonable cause

Santur Infrastructure Pvt. Ltd. Vs ACIT (ITAT Delhi)

Santur Infrastructure Pvt. Ltd. Vs ACIT (ITAT Delhi) We are of the considered view that firstly, the assessee was not required to deduct TDS as the payment of EDC was not made out of any statutory and contractual liability to HUDA with whom the assessee has no privity of contract; secondly, the assessee has reasonable […]...

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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 | ,

Section 271C Penalty for failure / non-deduction / non-payment of TDS

Article explains Provisions of Section 271C of Income Tax Act, 1961 which provides for Penalty for failure / non-deduction / non-payment of TDS. Basically, as we know, ‘TDS’ i.e. Tax Deduction at Source is a system through which tax is deducted at the very source of income. Putting up simply, the TDS system works as […]...

Read More
Posted Under: Income Tax |

Section 271C applies to both failure to deduct and pay TDS

Eswar Exports Vs Add. CIT (ITAT Visakhapatnam)

Since assessee had deducted the TDS, but not remitted to Government account and for that he had not given any satisfactory explanation either before AO or before CIT(A), therefore, penalty under section 271C was justified....

Read More

Consequences for TDS non compliances

1. Disallowance of expenditure; u/s 40(a)(i) of and section 40(a)(ia), if Tax not deducted / not deposited till the due date of filing of return; a. Payment to Non-resident ;100% expenses disallowed b. Payment to resident ;30% expenses disallowed However, if tax is deducted or deposited in subsequent year, the expenditure so disallowed s...

Read More
Posted Under: Income Tax |

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...

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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....

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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 |

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