Penalty for Failure to Furnish Information Required under Section 133B Nature of Default A penalty is levied if any person fails to furnish the information required in Form 45D by the Income Tax Authorities, who have entered into a place of business to collect certain information. Quantum of Penalty • The Joint Commissioner, Assistant Director, Deputy Director,… Read More »

Penalty for Failure to Co-operate or Comply with Statutory Requirements Nature of Default and its Penalty • Any person who commits any of the following defaults is liable to pay a penalty of Rs. 10,000 for each such default or failure: Refusal to answer questions legally required by the Income Tax Authorities. Refusal to sign… Read More »

Penalty for Failure to Furnish a Statement or Certificate of Donation Nature of Default Penalty may be levied for failure to deliver a donation statement or furnish a donation certificate by institutions under Section 35(1)(ii)/(iii), or companies under Section 35(1)(iia), or institutions or funds under Section 80G. Quantum of Penalty The Assessing Officer may impose a penalty of… Read More »

Penalty for Furnishing Incorrect Information in Reports or Certificates Nature of Default A penalty may be imposed if a Chartered Accountant, Merchant Banker, or Registered Valuer furnishes incorrect information in a report or certificate under any provision of the Act or the rules made thereunder. Quantum of Penalty • The Assessing Officer, the Joint Commissioner… Read More »

Penalty for Failure to Furnish Information or Furnishing Inaccurate Information under Section 195 Nature of Default The penalty may be imposed if a person, responsible for paying to a non-resident, fails to furnish information in Form 15CA or Form 15CB or Form 15CC or Form 15CD, as the case may be, or furnishes inaccurate information. Quantum of Penalty • The Assessing Officer… Read More »

Penalty for Failure to File the TDS/TCS Statement Nature of Default The penalty may be imposed if a person fails to furnish the TDS/TCS Statement on or before the due dates or furnishes inaccurate information in such Statements. Quantum of Penalty • The Assessing Officer may impose a penalty of Rs. 10,000, which may extend… Read More »

Penalty for Failure to Submit Statement under Section 285 by a Non-Resident Liaison Office Nature of Default A penalty is levied if a non-resident having a liaison office (LO) in India fails to submit an annual statement in Form No. 49C to the jurisdictional Assessing Officer within 8 months from the end of such financial year. Quantum… Read More »

Penalty for Failure to Furnish Information or Document Relating to International Transaction Nature of Default • Failure to furnish information or documents as required by the Assessing Officer or Commissioner (Appeals) in the course of transfer pricing proceedings as referred to in Section 92D. Quantum of Penalty • The Assessing Officer or TPO or Commissioner (Appeals)… Read More »