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 .

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 271(1)(c)

No Penalty u/s 271(1)(c) in 9 Types of Additions

Penalty initiation by assessing officer is routine when any addition or allowance is made while assessing the total income of an assessee.However initiation of...
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....

No Penalty u/s 271(1)(c) For Addition u/s 50C : Kolkata HC & 5 Tribunals

While the scope of addition to total income u/s 50C is wide and now happing very frequently,. various courts are  consistently holding that the...

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