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Section 271FAB

Section 271FAB is a crucial provision under the Income Tax Act of India. It pertains to penalties for the failure to furnish statements of financial transactions or reportable accounts. Non-compliance with the reporting requirements specified by tax authorities can lead to penalties for individuals and entities. It is essential for taxpayers to fulfill their obligations and provide accurate and timely information to avoid potential penalties under Section 271FAB of the Income Tax Act.

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Section 271FAB Penalty for failure to furnish statement / information / document by an eligible investment fund

Income Tax : Get a briefing on the penalty provisions of section 271FAB of the Income Tax Act. Understand the consequences of failure to furnis...

February 12, 2020 4533 Views 0 comment Print


Latest Judiciary


Section 40A(2)(b) Disallowance for Assumed Higher Sub-contracting Income is unsustainable

Income Tax : ITAT Delhi held that disallowance under section 40A(2)(b) of the Income Tax Act on merely estimating that more income should have ...

November 1, 2023 1185 Views 0 comment Print


Latest Posts in Section 271FAB

Section 40A(2)(b) Disallowance for Assumed Higher Sub-contracting Income is unsustainable

November 1, 2023 1185 Views 0 comment Print

ITAT Delhi held that disallowance under section 40A(2)(b) of the Income Tax Act on merely estimating that more income should have been earned from sub-contracting without bringing any comparable figures is unsustainable in law.

Section 271FAB Penalty for failure to furnish statement / information / document by an eligible investment fund

February 12, 2020 4533 Views 0 comment Print

Get a briefing on the penalty provisions of section 271FAB of the Income Tax Act. Understand the consequences of failure to furnish statement/information/documents by an eligible investment fund.

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