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 Permanent Account Number (PAN) | Rs. 10,000 |
| 272BBB | Failure to apply for Tax Collection Account No. (TCN) | Rs. 10,000 |
Okay, This is regular practice to up date of clients whose never under problem of concern person and waiting for mistake.
Vijay Thakur
Sir,
Thanks for nice information before time
Vijay Thakur