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 .

cash transaction limit for business

8 Types of Cash Transactions That Invite Penalty!

The cumulative effect of all the changes in tax laws and rules since the announcement of demonetization by Hon'ble PM is that...
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...
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....
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