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 .

Can Penalty Be Imposed U/s 271B If Return Is Filed Late In Case Of...

According to new ITR forms now no attachments has been given even not audit report. now the question suppose if i filed the return...

Is Transfer Of Loan or Deposit By Book Entreis Liable To Penalty U/s 269SS...

There is a private company. It has taken loan from a party exceeding RS 20,000. Now party wants to transfer this money to someone's...

What Can Be Consequences For Filing Late Return?

What are the penalties for filling late I.T. Return i.e. after 31 Oct. 07 in case of HUF firm with turnover of 4 crores....

Who Are Required to Maintain Books of Accounts ?

Section 44AA along with Rule 6F states Legal,Medical,Architectural,Engineering,Accountancy,Technical Consultancy,Interior Decoration,Authrised Representative before Tribunal ,Film Artist,Company Secretary and Information Technology professionals having gross receipts of...

Why One Should Handle Transaction Exceeding Rs 20000 With Care.

The Income tax Act prohibits CASH transaction of Rs 20000 and more in two cases :While making business expenditure exceeding Rs 20,000...

A.O Not Empowered to Issue Penalty Notice u/s 271D or 271E.

Advanced TopicOne of my assessees, because of certain business urgencies, accepted a loan in excess of Rs. 20000/- in cash from one known lady...