Penalty

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 .

educational cess in penalty

Does Penalty u/s 271(1)(c) include Surcharge and Education Cess ?

Penalty under section 271(1)(c) states that the an assessee will be asked to pay "the amount of tax sought to be evaded by reason...
penalty for cash receiptvideo

Who Need Not Fear Cash Receipt Ban u/s 269ST ?

Section 269ST of the Income Tax Act introduced vide Finance Act 2017 is revolutionary idea to restrict the cash transactions in a country that...

Section 271B : 12 Reasonable Cause for Non Imposition of Penalty

Section 271B of the Income Tax Act provides penalty in case a tax payer required to get his accounts auidted u/s44AB does not comply...
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...
Penalty

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 ,...
PAN

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

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...

Tax Audit Report Can be Signed on 30Th September !

The specified date for filing tax return u/s 139(1) for those assessees who have to obtain tax audit under section 44AB is 30th September....
Malcare WordPress Security