Quick Summary
1. Sections 271AAB, 271AAC and 271AAD of the Act under Chapter XXI contain provisions that give powers to the Assessing Officer to levy penalty in cases involving undisclosed income in cases where search has been initiated u/s 132 or otherwise, or for false entry etc. in books of account. 2. Unde
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited News Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
These sections of the Income Tax Act, under Chapter XXI, grant powers to the Assessing Officer to impose penalties in cases involving undisclosed income, unexplained credits or expenditures, or false entries/omissions in books of account, particularly when searches have been initiated.
The primary aim is to improve deterrence against non-compliance among taxpayers by expanding the authority to levy penalties.
Following the amendments, both the Assessing Officer and the Commissioner (Appeals) will be able to levy penalties under sections 271AAB, 271AAC, and 271AAD.
These amendments are effective from 1st April 2022.
These sections penalise actions pertaining to undisclosed income, unexplained credits or expenditures, or deliberate falsification or omission in books of accounts.
CAclubindia
