Section 269SS and Section 269T

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150 Points Posted on 30 January 2021
If there is a business loss of Rs.40 lakhs and violation of sec 269ss & 269t Rs.10 lakhs.Can we set off the penalty amount from business loss?
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On 30 January 2021 at 15:19 Report
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Quick Summary
This discussion addresses whether a penalty incurred for violating Sections 269SS and 269T of the Income Tax Act can be offset against business losses. The consensus from the participants is a clear 'no'. It is not possible to deduct these penalties from business losses, and the penalty amount must be paid separately.

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Student
844 Points Posted on 30 January 2021
No.....................
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On 30 January 2021 at 17:00
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Chartered Accountant
24588 Points Posted on 30 January 2021
No it's impossible
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On 30 January 2021 at 17:49
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Accountant
4533 Points Posted on 31 January 2021
No. not possible. you have to pay in cash
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On 31 January 2021 at 21:54
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Chartered Accountant
86505 Points Posted on 01 February 2021
No such option available in Income Tax.
3 Reply
On 01 February 2021 at 00:22

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