Direct & Indirect Taxes, Tax Ready Reckoner, Tax Management, Tax Act. & Rules, Tax Planning & Tax Savings.

Direct & Indirect Taxes, Tax Ready Reckoner, Tax Management, Tax Act. & Rules, Tax Planning & Tax Savings.

Penalties

Penalties under Income Tax Act.

Penalties & Prosecutions under Income Tax Act.

1.   Penalties under Income Tax Act. The various defaults in respect of which Penalty can be imposed by the Income Tax Department are summaries in details. (1) [Section 271AAB(1A)]- Penalty where search has been initiated on or after 15.12.2016 The Assessing Officer may, notwithstanding anything contained in any other provisions of this Act, direct that, …

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[Section 270A]- Penalty for Under-Reporting and Misreporting of Income

(1)  [Section 270A (1)]-Penalty for Under-Reported income The Assessing Officer or the Commissioner (Appeals) or the Principal Commissioner or Commissioner may, during the course of any proceeding under this Act, direct that any person who has under-reported his income shall be liable to pay a penalty in addition to tax, if any, on the under-reported …

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[Section 270AA]- Immunity from imposition of Penalty and initiation of proceedings under section 276C or 276CC

(1) [Section 270AA(1)]- Conditions to be fulfilled for making an application for grant of Immunity from imposition of penalty under section 270A and initiation of proceedings under section 276C or 276CC . An assessee may make an application to the Assessing Officer to grant immunity from imposition of penalty under section 270A and initiation of …

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[Section 273A]- Power to Reduce or Waive Penalty

(A) [Section 273A(1)]- Power to Reduce or Waive Penalty imposed or imposable for default under Section 270 or Section 271(1)(c) Principal commissioner / commissioner may reduce / waive penalty: Notwithstanding anything contained in the Income-tax Act, the Principal Commissioner / Commissioner may, in his discretion, reduce or waive the amount of penalty imposed or imposable …

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