There are various penalty provision under Income Tax Act -starting from for late filing or non filing of tax return or tax audit report or concealment of income or non reply of various notices u/s 142 or section 133(6) or section 131 of the Income Tax Act .

penalty u/s 271D

No Penalty u/s 271D in 5 Circumstances !

Section 269SS of the Income Tax Act prohibits acceptance of loan or deposit from any person in any form other than crossed cheuqe or...
penalty u/s 271D

No Penalty u/s 271D or Sec. 271E If Loan & Deposits Due to Journal...

The penalty provisions  under section 271D & sec. 271E are applicable when a persons receives loans or deposits in cash in excess of Rs...
stock register

No Penalty for Not Keeping Stock Books or Registers !

Many times the assessing officer carries survey u/s 133A of the Income Tax Act and one of the finding may be not finding the...

No Penalty if Return After Survey u/s 133A is Accepted by A.O!

Penalty imposition by assessing officer in a case selected for scrutiny after conducting survey u/s 133A is routine affair. However, times and gains ,...

No Penalty For Wrong PAN in The Return!

Contrary to general belief , in my opinion, there is no provision for imposing penalty for quoting wrong PAN in the Return of Income....

Penalty:Supreme Court Sets 4 Major Principles !

Penalty u/s 271(1)© of the Income Tax Act is initiated  by assessing officer , usually when he makes addition while computing total income in...



Would you like to install our new app ?