Given below is the chart which shows Section Under Which Penalty can be imposed, Nature of Default and Quantum of penalty.
|
PENALTIES UNDER INCOME TAX ACT |
||
|
Section |
Nature of Default |
Quantum of penalty |
|
NON PAYMENT |
||
|
221(1) |
Tax payments including Self Assessment Tax |
Amount of tax in arrears |
|
Failure to comply |
||
|
271(1)(b) |
with the notice u/S 115WD(2)/ 115WE(2)/ 143(1)/ 142(2) |
Rs. 10,000 of each failure |
|
271(1)(b) |
with direction u/s 142(2A) to get audited |
Rs. 10,000 of each failure |
|
272A (1) |
Failure to answer questions or sign statements |
Rs. 10,000 of each failure |
|
Concealment |
||
|
271(1)(c) |
Concealment of income or inaccurate particulars |
100 % to 300 % of tax sought to be evaded |
|
271AAA |
Undisclosed income found during search intimation u/s 132 |
10% of undisclosed income |
|
Book, Audit ,loans |
||
|
271A |
Failure to maintain books or documents u/s. 44AA. |
Rs. 25,000 |
|
271B |
Failure to get accounts audited u/s. 44AB. |
0.5% of total sales, or Rs.1,50,000 whichever is less |
|
271D |
Taking loan in contravention of Sec. 269SS |
Equal to amount of loan taken |
|
271E |
Repayment of loan in contravention of Sec. 269T |
Amount of deposit or repaid |
|
271F |
Failure to furnish Return of Income |
Rs. 5,000 |
|
International transactions |
||
|
271AA |
Failure to keep and maintain information and documents u/s. 92D. |
2% of value |
|
271BA |
Failure to furnish a report as required u/s. 92E. |
Rs. 1,00,000 |
|
TDS |
||
|
271C |
Failure to deduct TDS in full and part |
Equal to the amount failed to be deducted |
|
271CA |
Failure to collect TDS in full and part |
Equal to the amount failed to be collected |
|
272BB(1A) |
Quoting false TAN in challan/ statements |
Rs. 10,000 |
|
272BB(1) |
Failure to apply for TAN |
Rs. 10,000 |
|
271H |
Failure to furnish e TDS statement |
Rs 10,000 to 1 lacks |
|
272A(2) (g) |
Failure to furnish TDS certificate |
Rs 100 per day . |
|
272A(2) |
Failure to comply with department letter |
Rs. 100 for every day during which the failure continues. |
|
272AA(1) |
Failure to furnish information required u/s. 133B |
Rs. 1,000 |
|
272B |
Failure to apply for PermanentAccount Number (PAN) |
Rs. 10,000 |
|
272BBB |
Failure to apply for Tax Collection Account No. (TCN) |
Rs. 10,000 |
Given below is the chart which shows Section Under Which Penalty can be imposed, Nature of Default and Quantum of penalty.
|
PENALTIES UNDER INCOME TAX ACT |
||
|
Section |
Nature of Default |
Quantum of penalty |
|
NON PAYMENT |
||
|
221(1) |
Tax payments including Self Assessment Tax |
Amount of tax in arrears |
|
Failure to comply |
||
|
271(1)(b) |
with the notice u/S 115WD(2)/ 115WE(2)/ 143(1)/ 142(2) |
Rs. 10,000 of each failure |
|
271(1)(b) |
with direction u/s 142(2A) to get audited |
Rs. 10,000 of each failure |
|
272A (1) |
Failure to answer questions or sign statements |
Rs. 10,000 of each failure |
|
Concealment |
||
|
271(1)(c) |
Concealment of income or inaccurate particulars |
100 % to 300 % of tax sought to be evaded |
|
271AAA |
Undisclosed income found during search intimation u/s 132 |
10% of undisclosed income |
|
Book, Audit ,loans |
||
|
271A |
Failure to maintain books or documents u/s. 44AA. |
Rs. 25,000 |
|
271B |
Failure to get accounts audited u/s. 44AB. |
0.5% of total sales, or Rs.1,50,000 whichever is less |
|
271D |
Taking loan in contravention of Sec. 269SS |
Equal to amount of loan taken |
|
271E |
Repayment of loan in contravention of Sec. 269T |
Amount of deposit or repaid |
|
271F |
Failure to furnish Return of Income |
Rs. 5,000 |
|
International transactions |
||
|
271AA |
Failure to keep and maintain information and documents u/s. 92D. |
2% of value |
|
271BA |
Failure to furnish a report as required u/s. 92E. |
Rs. 1,00,000 |
|
TDS |
||
|
271C |
Failure to deduct TDS in full and part |
Equal to the amount failed to be deducted |
|
271CA |
Failure to collect TDS in full and part |
Equal to the amount failed to be collected |
|
272BB(1A) |
Quoting false TAN in challan/ statements |
Rs. 10,000 |
|
272BB(1) |
Failure to apply for TAN |
Rs. 10,000 |
|
271H |
Failure to furnish e TDS statement |
Rs 10,000 to 1 lacks |
|
272A(2) (g) |
Failure to furnish TDS certificate |
Rs 100 per day . |
|
272A(2) |
Failure to comply with department letter |
Rs. 100 for every day during which the failure continues. |
|
272AA(1) |
Failure to furnish information required u/s. 133B |
Rs. 1,000 |
|
272B |
Failure to apply for PermanentAccount Number (PAN) |
Rs. 10,000 |
|
272BBB |
Failure to apply for Tax Collection Account No. (TCN) |
Rs. 10,000 |
CAclubindia
