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General Penalties under Income Tax Act 1961 |
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Default |
Penalty |
Section |
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Non Payment |
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• Tax Payments including Self Assessment Tax |
Upto tax in arrear |
221(1) |
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Failure to Comply |
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• With Notice U/S 143(2) |
Rs. 10,000 for each failure |
271(1)(b) |
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• Failure to answer questions or sign statements |
Rs. 10,000 for each failure |
272A(1) |
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Concealment |
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• Concealment of income or inaccurate |
100 to 300% of tax sought to |
271(1)(c) |
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particulars |
be evaded |
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• Undisclosed income during search in |
10% of undisclosed income |
271AAA |
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proceeding and current FY in which search |
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took place |
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Books, Audit, Loans |
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• Failure to keep, retain books U/S 44AA |
Rs. 25000 |
271A |
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• Failure to get books audited U/S 44AB |
0.5% of gross sales Maximum |
271B |
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Rs 1.50 Lac |
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• Taking loan in contravention of Sec 269SS |
Equal to amount of loan taken |
271D |
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• Repayment of loan in contravention of |
Equal to amount of loan repaid |
271E |
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Sec 269T |
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• Failure to furnish return u/s 139(1) before |
Rs. 5000 |
271F |
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end of AY |
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TDS |
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• Failure to deduct in part or full |
Equal to tax not deducted |
271C |
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• Failure to collect tax in part or full |
Equal to tax not collected |
271CA |
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• Quoting false TAN in challan / statements |
Rs. 10000 |
272BB(1A) |
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• Failure to apply for TAN |
Rs. 10000 |
272BB(1) |
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• Failure to furnish eTDS statement |
Rs. 10000 to 1 lac |
271 H |
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• Failure to furnish TDS Certificate |
Rs. 100 per day . Limited to |
272A(2) (g) |
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amount of TDS |
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. Failure to file TDS return |
Rs 200 per day Limited to amount of TDS |
234E |
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