Income Tax : Detailed overview of penalties under various sections of the Income Tax Act, covering defaults in tax payment, reporting, document...
Goods and Services Tax : GSTR-2A has been removed from the GST Portal for the month of January 2022 and onwards, only GSTR-2B shall be available. GSTR-2A t...
Income Tax : Understand the penalty for non-compliance with PAN provisions. Learn about the implications of section 272B of the Income Tax Act ...
Income Tax : Nowadays delay in payment of TDS and in TDS return Filing makes an assessee liable to Late Payment Interest, Late Payment Penalty,...
Income Tax : ITAT Bangalore rules penalty under Section 271B cannot be levied for technical breach without malafide intention, in the case of C...
Income Tax : ITAT Ahmedabad held that the addition under Section 69A of the Income Tax Act made without proper examination of the books of acc...
Income Tax : Here the assessee originally did not have the correct PANs of all the persons from whose payments, tax at source was required to b...
Income Tax : The assessing officer had imposed penalty of Rs. 10,000/- in each case where PAN Number was not provided by the deductee. There we...
Detailed overview of penalties under various sections of the Income Tax Act, covering defaults in tax payment, reporting, documentation, and TDS/TCS compliance with prescribed penalty amounts.
ITAT Bangalore rules penalty under Section 271B cannot be levied for technical breach without malafide intention, in the case of Chinnayellappa Chandrashekar.
ITAT Ahmedabad held that the addition under Section 69A of the Income Tax Act made without proper examination of the books of account and relevant financial records unjustified. Accordingly, order set aside and matter restored back.
GSTR-2A has been removed from the GST Portal for the month of January 2022 and onwards, only GSTR-2B shall be available. GSTR-2A till December 2021 shall be available. Vide Notification No. 40/2021-Central Tax dated 29th December, 2021. Form GSTR-2A is a system generated Statement of Inward Supplies for a recipient. Form GSTR-2A will be generated […]
Understand the penalty for non-compliance with PAN provisions. Learn about the implications of section 272B of the Income Tax Act and the amount of penalty payable.
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.
Here the assessee originally did not have the correct PANs of all the persons from whose payments, tax at source was required to be deducted. Despite that, the assessee did deduct tax at source and paid the amount to the exchequer well in time. The only fault of the assessee was in not filling PANs of some of the deductees which were not available at the time of filing e-returns. As soon as the AO issued notice for imposing penalty u/s 272B, the assessee obtained the relevant PANs and complied with the requirement by filing the revised statement.
The assessing officer had imposed penalty of Rs. 10,000/- in each case where PAN Number was not provided by the deductee. There were in all 30706 cases in which the PAN Number was missing or was incorrectly stated.
