penalty query
This query is : Resolved
19 September 2016
how penalty under sec 271FA calculated under income tax act? please clarify this with an example?
19 September 2016
say for example .. a stock broker gets a notice from Income Tax Dept asking for giving the details of transactions done by his client say MR XYZ, within say 30 days, If the broker does furnish the details, a penalty of INR100 shall be charged.... this is for reportable account.
For financial transaction the penalty is INR500 per day
For financial transaction the penalty is INR500 per day
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Households luggage
- Cloud service
- Regarding Change in Signature before applying for membership
- Capital contribution of Land into SPV for Specific project attracts Income Tax & why ?
- Sale of Gold ornaments
- GST on Fresh Juice Center(Sugarcane)
- GST ON FOREIGN CLIENT
- P&L and B/s Format for Public Companies
- SECTION 194T
- Selecting Tax Regime while for calculating tax relief on under Section89 of income tax act 1961.
- Regarding change in correspondence address in SSP portal
- Regarding Advance Tax not claimed in the Return of Income for A.Y. 2025-26
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
- Clarification Required on GST Rate & HSN Classification – Millet-Based Probiotic Drink
- TDS Return filing if only have 15G /15H deductions and no other payments
- 80G deduction eligibility
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani -
IDT LIVE Exam Oriented Batch | May 2026, Sept 2026 & Jan 2027
CA Arpita Tulsyan
CAclubindia
