271d penalty

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2013 I know when the penalty of 271D is imposed(i.e. non comply of 269ss) but i want to know is this is compulsory penalty.
means how IT dept. knows about the transaction.
and
i think it is only imposed in case of scrutiny of assessee.
please tell me full process.

Rupesh Jain

Rupesh Jain (Expert)
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29 May 2013 if you have take a loan or advance or unsecured loan from any body Rs. 20000/- or more in a financial year .

then equal to loan amount penaly to be imposed

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2013 i already said , i know the provision, but i want to know how IT dept knows about it, and how they call for penalty.

Rupesh Jain

Rupesh Jain (Expert)
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30 May 2013 r/sir

if you are filing the income tax return
then
following cases:
1. your case under securtiny
2. from your business Audit report.
3. any complian recd by ITO
4. surevey by ITO
5. any other information recd by ITO from any deptt. ( like sales tax raid, excise, service tax , market committee.)

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