Section 272A

Section 272A penalty increased to Rs. 500 per day from existing Rs. 100

Income Tax - Amendment in the provisions of section 272A of the Act Section 272A of the Act provides for penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections etc. At present, the amount of penalty for failures listed under sub-section (2) of section 272A is one hundred rupees for every...

TDS Certificates – Detailed Discussion

Income Tax - As we all are aware that the TDS return process will consider as incomplete until the Valid TDS certificate has been issued by the deductor. Now if we focus on the word Valid TDS Certificate, it means Form 16/ Form 16A issued by authenticated authority. As on the current date the TRACES have the authorisation […]...

Section 272A Penalty for failure to answer questions or furnish information / returns/ statements or allow inspections etc

Income Tax - The penalty provisions of section 272A of the Income Tax Act covers various penalty like failure to answer the questions or failure in furnishing several information / returns / statements etc. The provisions of section 272A are taken up and explained in the present article. Applicability of provisions of section 272A of the Income Tax [&...

Delay in Download of TDS Certificate attracts Penalty

Income Tax - Due Date for downloading and Penalty for non-compliance: Please be advised that under the provisions of section 203 of the Income Tax Act, 1961 read with rule 31A, Certificate of tax deducted at source is to be furnished within fifteen (15) days from the due date for furnishing the statement of tax deducted at source. Failure to comply w...

Don’t Take TDS Lightly

Income Tax - Nowadays delay in payment of TDS and in TDS return Filing makes an assessee liable to Late Payment Interest, Late Payment Penalty, Late Filing Fees, Late Filing Penalty and Further makes him liable to prosecution under the provision of the Income Tax Act, 1961....

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No section 272A(2)(k) Penalty for mere Technical Breach: ITAT Delhi  

Ambience Developers & Infrastructure Pvt Ltd Vs JCIT (ITAT Delhi) - Explore Ambience Developers vs. JCIT case: ITAT Delhi holds no penalty for technical breach under section 272A(2)(k) of the Income Tax Act. Detailed analysis and key insights....

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

Tapi JWil JV Vs ITO (ITAT Delhi) - 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....

Levy of late fees u/s 234E for delay in filing TDS return for period prior to 01.06.2015 unwarranted

Sushil Kumar Marlecha Vs DCIT (ITAT Jodhpur) - ITAT Jodhpur held that levying late fees u/s 234E of the Income Tax Act for delay in filing TDS return for 4th quarter of F.Y. 2012-2013 unwarranted as power to levy fees has come into effect only from 01.06.2015...

No Section 272A(1)(c) penalty if Reasonable cause shown for delay in providing details

Kotak Mahindra Bank Limited Vs ADIT (ITAT Mumbai) - ITAT Mumbai held that penalty under section 272A(1)(c) not warranted as reasonable cause shown for delay in providing the details by the assessee and later in the end, the assessee had shared all the relevant details....

ITAT Deletes Penalty under Section 272A(1)(d) for Technological Illiteracy and Third-Party Negligence

Maqsood Ali Vs ITO (ITAT Delhi) - Understand the landmark case of Maqsood Ali Vs ITO, where the Income Tax Appellate Tribunal (ITAT) in Delhi ruled against imposing a penalty under section 272A(1)(d) for non-compliance of statutory notices given reasonable cause....

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Recent Posts in "Section 272A"

No section 272A(2)(k) Penalty for mere Technical Breach: ITAT Delhi  

Ambience Developers & Infrastructure Pvt Ltd Vs JCIT (ITAT Delhi)

Explore Ambience Developers vs. JCIT case: ITAT Delhi holds no penalty for technical breach under section 272A(2)(k) of the Income Tax Act. Detailed analysis and key insights....

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

Tapi JWil JV Vs ITO (ITAT Delhi)

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....

Levy of late fees u/s 234E for delay in filing TDS return for period prior to 01.06.2015 unwarranted

Sushil Kumar Marlecha Vs DCIT (ITAT Jodhpur)

ITAT Jodhpur held that levying late fees u/s 234E of the Income Tax Act for delay in filing TDS return for 4th quarter of F.Y. 2012-2013 unwarranted as power to levy fees has come into effect only from 01.06.2015...

No Section 272A(1)(c) penalty if Reasonable cause shown for delay in providing details

Kotak Mahindra Bank Limited Vs ADIT (ITAT Mumbai)

ITAT Mumbai held that penalty under section 272A(1)(c) not warranted as reasonable cause shown for delay in providing the details by the assessee and later in the end, the assessee had shared all the relevant details....

ITAT Deletes Penalty under Section 272A(1)(d) for Technological Illiteracy and Third-Party Negligence

Maqsood Ali Vs ITO (ITAT Delhi)

Understand the landmark case of Maqsood Ali Vs ITO, where the Income Tax Appellate Tribunal (ITAT) in Delhi ruled against imposing a penalty under section 272A(1)(d) for non-compliance of statutory notices given reasonable cause....

ITAT deletes penalty under Section 272A(1)(d) for lack of proper opportunity

Dhanasingh Nagamuthu Vs ITO (ITAT Bangalore)

ITAT Bangalore deleted the penalty imposed under Section 272A(1)(d) of the Income Tax Act in the case of Dhanasingh Nagamuthu vs. ITO. The tribunal found that the assessing officer had not given the assessee a proper opportunity to respond and establish reasons for non-compliance, as required under Section 274(1) of the Act. ...

No section 272A(1)(d) penalty if Assessee Complies with Section 142(1) Notice

Agrasar Education Ltd. Vs ITO (ITAT Delhi)

ITAT Delhi ruled in favor of appellant, holding that they had indeed complied with statutory notice and therefore levy of penalty under section 272A(1)(d) of the Act was not justifiable...

Late fee u/s 234E leviable prospectively from 01.06.2015

Envision Landmarks LLP Vs TDS (ITAT Pune)

ITAT Pune held that late fees u/s 234E of the Income Tax Act can be levied only prospectively with effect from 01.06.2015....

Section 272A(2) penalty not leviable on or after 1st Day of July, 2012

ITO (TDS) Vs Hadpawat Enterprises (P) Ltd.  (ITAT Jodhpur)

ITO (TDS) Vs Hadpawat Enterprises (P) Ltd. (ITAT Jodhpur) From a plain reading of second proviso to Section 272A(2) which is inserted by the Finance Act, 2012 w.e.f. 01-07-2012, it is clear that penalty under clause (k) of Section 272(A)(2) cannot be levied on or after the 1st Day of July, 2012. In the instant […]...

Payment of late filing fees u/s 234E for tax deduction prior to 01/06/2015 unjustified

Anjani PRS Blends Pvt. Ltd. Vs DCIT (ITAT Hyderabad)

ITAT Hyderabad held that notices issued under section 200A of the Act for computation and intimation for payment of late filing fees under section 234E of the Act relating to the period of tax deduction prior to 01/06/2015 are not maintainable....

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