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 »

Penalty for Failure to Furnish Statement by an Eligible Investment Fund Nature of Default Failure to furnish Form 3CEK as required under Section 9A within the prescribed time limit. Quantum of Penalty • The Assessing Officer may impose a penalty of Rs. 5,00,000. • Penalty shall not be levied if the assessee proves reasonable cause for the failure.

Penalty for Furnishing Inaccurate Statement of Financial Transaction or Reportable Account Nature of Default The penalty may be imposed if a person provides inaccurate information in the SFT or Reportable Account under Section 285BA. Up to 30th September, 2024, the penalty may be levied if the: • Inaccuracy is due to failure to comply with due diligence or… Read More »

Penalty for Failure to Furnish SFT or Reportable Account Nature of Default The penalty shall be imposed for non-filing of SFT or Reportable Account under Section 285BA by the due date. Quantum of Penalty The Director or Joint Director of Income-tax (Intelligence and Criminal Investigation) may impose a penalty of Rs. 500 per day during which such… Read More »

Penalty for Repayment of Loans or Deposits by Means Other Than Specified Means Nature of Default The penalty shall be imposed on a person who repays any loan, deposit (including interest), or specified advance in cash or any mode prohibited under Section 269T. Quantum of Penalty • The Assessing Officer shall impose a penalty equal to… Read More »

Penalty for Failure to Provide a Facility in Contravention of Section 269SU Nature of Default • The penalty shall be imposed on a person carrying on a business with total sales, turnover, or gross receipts over Rs. 50 crore in the immediately preceding year. • Such person fails to provide an electronic payment acceptance facility… Read More »