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...

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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 […]...

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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 [&...

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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...

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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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Section 272A(1)(C) penalty sustainable for Violation of Section 131

Dilip Kumar Panja Vs ITO (ITAT Kolkata) - Assessee did not appear on the date of hearing and did not furnish any application stating any reasonable cause for not appearing on the given date nor requested any adjournment. Thus, there is a clear violation of provision of Section 131 of the Act and penalty u/s 272A(1)(C) of the Act is attracte...

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ITAT deletes section 272A(1)(c) penalty for default due to Ignorance of law

Suresh Kumar Agarwal Vs JDIT (ITAT Jaipur) - Suresh Kumar Agarwal Vs JDIT (ITAT Jaipur) ITAT perused materials available& observed that learned CIT (A) erred in upholding the order by the AO, Where the assessee admitted his delay in reply for the notice and delay in complying the summons. Assessee submitted that he was a small business con...

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Section 272A(1)(d) penalty not leviable if reasonable cause for non-compliance shown

Triumph International Finance India Limited Vs DCIT (ITAT Mumbai) - Triumph International Finance India Limited Vs DCIT (ITAT Mumbai)  The first appellate authority has rejected the explanation furnished by the assessee for non-compliance of the notice issued under section 142(1) of the Act merely for the reason that during penalty proceedings under section 272A(1)...

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No Section 272A(2)(k) penalty merely for delay in filing Quarterly TDS Statement

Maharashtra Jeevan Pradhikaran Vs JCIT (ITAT Pune) - Maharashtra Jeevan Pradhikaran Vs JCIT (ITAT Pune) We have also considered judicial precedents placed on record. In this case penalty has been levied u/s. 272A(2)(k) of the Act due to late filing of TDS statements/returns. However, it is an undisputed fact as admitted by the parties herein, that no ...

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Section 272A(2)(k) Penalty based on non–existing grounds is unsustainable

District Mining Officer Vs JCIT (TDS) (ITAT Allahabad) - District Mining Officer Vs JCIT (TDS) (ITAT Allahabad) It is noted that the Assessing Officer has initiated the penalty proceedings u/s 272A(2)(k) of the Income Tax Act for the alleged default of delivering the statement of TDS in Form 26Q within the time specified in section 200(3) read with provis...

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Recent Posts in "Section 272A"

Section 272A(1)(C) penalty sustainable for Violation of Section 131

Dilip Kumar Panja Vs ITO (ITAT Kolkata)

Assessee did not appear on the date of hearing and did not furnish any application stating any reasonable cause for not appearing on the given date nor requested any adjournment. Thus, there is a clear violation of provision of Section 131 of the Act and penalty u/s 272A(1)(C) of the Act is attracted....

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ITAT deletes section 272A(1)(c) penalty for default due to Ignorance of law

Suresh Kumar Agarwal Vs JDIT (ITAT Jaipur)

Suresh Kumar Agarwal Vs JDIT (ITAT Jaipur) ITAT perused materials available& observed that learned CIT (A) erred in upholding the order by the AO, Where the assessee admitted his delay in reply for the notice and delay in complying the summons. Assessee submitted that he was a small business contractor and he was not aware […]...

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Section 272A(1)(d) penalty not leviable if reasonable cause for non-compliance shown

Triumph International Finance India Limited Vs DCIT (ITAT Mumbai)

Triumph International Finance India Limited Vs DCIT (ITAT Mumbai)  The first appellate authority has rejected the explanation furnished by the assessee for non-compliance of the notice issued under section 142(1) of the Act merely for the reason that during penalty proceedings under section 272A(1)(d) of the Act, the assessee has not sta...

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

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...

Read More
Posted Under: Income Tax |

No Section 272A(2)(k) penalty merely for delay in filing Quarterly TDS Statement

Maharashtra Jeevan Pradhikaran Vs JCIT (ITAT Pune)

Maharashtra Jeevan Pradhikaran Vs JCIT (ITAT Pune) We have also considered judicial precedents placed on record. In this case penalty has been levied u/s. 272A(2)(k) of the Act due to late filing of TDS statements/returns. However, it is an undisputed fact as admitted by the parties herein, that no loss has been caused to the […]...

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Section 272A(2)(k) Penalty based on non–existing grounds is unsustainable

District Mining Officer Vs JCIT (TDS) (ITAT Allahabad)

District Mining Officer Vs JCIT (TDS) (ITAT Allahabad) It is noted that the Assessing Officer has initiated the penalty proceedings u/s 272A(2)(k) of the Income Tax Act for the alleged default of delivering the statement of TDS in Form 26Q within the time specified in section 200(3) read with proviso to section 206(3). In the […]...

Read More

TDS Certificates – Detailed Discussion

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 […]...

Read More
Posted Under: Income Tax | ,

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

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 [&...

Read More
Posted Under: Income Tax |

Section 272A Penalty not justified for Assessee having exempt income under Section 10(23C)

Rotary Charitable Trust Vs. JCIT (ITAT Bengaluru)

Whether the penalty levied by CIT(A) u/s 272A of the Income Tax Act, 1961 is justified in law? Penalty u/s 272A is not justified for Assessee having exempt income u/s 10(23C)....

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Delay in Download of TDS Certificate attracts Penalty

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...

Read More
Posted Under: Income Tax | ,

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