CBDT Instruction on Section 271(1)(A) Of The Income – Tax Act, 1961 – Penalty – For Late Filing Of Return – Initiation Of Penalty Proceedings Where Maximum Penalty Imposable Does Not Exceed Rs. 500

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SECTION 271(1)(A) OF THE INCOME – TAX ACT, 1961 – PENALTY – FOR LATE FILING OF RETURN – INITIATION OF PENALTY PROCEEDINGS WHERE MAXIMUM PENALTY IMPOSABLE DOES NOT EXCEED RS. 500 INSTRUCTION NO. 1850,¬†DATED 27-6-1990 1.¬†Attention is invited to the Board’s Instruction No. 1622, dated 4-6-1985 regarding the non-initiation of penalty proceedings/dropping thereof in cases…

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