Income Tax : Stay updated with the latest TDS compliance under Section 192 of the I.T. Act, emphasizing the importance of Form 12BB for employe...
Income Tax : Read about Supreme Court's decision in US Technologies case regarding TDS penalty under Section 271C of Income Tax Act, 1961, for ...
Income Tax : Learn about the penalties and prosecutions under the Income Tax Act of 1961 for various defaults and offenses. Find out the fines ...
Income Tax : It is proposed to amend section 271C inserting two new sub-clauses under clause (b) in sub-section (1) providing reference to the ...
CA, CS, CMA, Income Tax : Understand the consequences of non-payment of TDS/TCS & non-filing of TDS/TCS returns. Learn about the penalties and legal implica...
Income Tax : Andhra Pradesh High Court quashes prosecution against Aditya Institute for delayed TDS deposit, citing reasonable cause under Sect...
Income Tax : Detailed analysis of ITO vs Turner General Entertainment Networks India Pvt. Ltd. case before ITAT Delhi. Penalty order deemed inv...
Income Tax : In Ambience Pvt Ltd vs ITO (ITAT Delhi), the issue of TDS penalty under sec 271C is discussed. Analysis reveals why penalty wasn't...
Income Tax : Explore the detailed analysis of the Satya Kiran Healthcare Pvt. Ltd. vs. ITO case regarding TDS deduction disputes, its implicati...
Income Tax : Madras High Court halts Rs. 9403.09 Cr Income Tax demand against Cognizant Technology Solutions India. Detailed analysis and impli...
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.
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
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.
ACIT Vs Parsons Brinckershoff India Pvt. Ltd (ITAT Delhi) We find the JCIT in the instant case levied penalty of Rs.98,92,242/- u/s 271C on the ground that the assessee has not deducted TDS on certain expenses for which provision of Rs.9,92,66459/- was created in its books of account. We find the Ld. CIT(A) deleted the […]
Biocon Ltd. Vs ITO (ITAT Bangalore) In the present facts of the case, the provision created at the end of the accounting year has not been credited to the relevant parties to whom the payments has to be made for the reason that it was unquantifiable. Further, assessee has suo moto disallowed the said sum […]
Learn about TDS on purchase of properties under Section 194IA of the Income Tax Act. Understand the implications of failing to deduct TDS and the provisions of Section 273B.
Ghaziabad Development Authority Vs ACIT (ITAT Delhi) We find that on the issue of reasonable cause u/s.273B, assessee does has a prima facie case, because as per the CBDT Circular No. 275 dated 21.09.1994, it has been clarified that responsibility for making deduction tax at source u/s. 194A should be that of Collector (Land Acquisition) […]
M/s Perfect Constech Pvt. Ltd. Vs ACIT (ITAT Delhi) Penalty not leviable for non deduction of TDS under section 271C for EDC charges paid to HUDA as it is non statutory contractual liability It is seen that in Para 4.3.2, subparagraph (iv) of the order passed u/s 271C of the Act, the AO has himself […]
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 […]
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
