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 »

Penalty on Receiving Any Sum in Contravention of Section 269ST Nature of Default Penalty shall be imposed if a person receives Rs. 2,00,000 or more from a person in cash or prohibited mode in contravention of Section 269ST. Quantum of Penalty • The Assessing office shall impose a penalty equal to the amount of the sum… Read More »

Penalty on Receiving Loan or Deposit in Contravention of Section 269SS Nature of Default Penalty shall be imposed if a person accepts loan or deposit (or specified sum) in cash or prohibited mode in contravention of Section 269SS. Quantum of Penalty • The Assessing Officer shall levy a penalty equal to the amount of the loan… Read More »

Penalty for Failure to Collect Tax at Source Nature of Default Failure to collect the whole or part of the tax required under Section 206C. Quantum of Penalty • The Assessing Officer may impose a penalty equal to the amount of tax which the person failed to collect at source. • Penalty shall not be levied… Read More »

Penalty on Failure to Deduct or Pay Tax Nature of Default Penalty applies for: • Failure to deduct tax at source wholly or partly. • Failure to pay dividend distribution tax on dividends declared/distributed on or before 31-03-2020. • Failure to pay tax on winnings in kind under Section 194B. • Failure to pay tax on… Read More »

Penalty for Failure to Furnish Report of International Transaction Nature of Default Failure to file the Chartered Accountant’s report in Form 3CEB on or before the due date as required under Section 92E. Quantum of Penalty • The Assessing Officer may levy a penalty of Rs. 1,00,000. • Penalty shall not be levied if the assessee proves reasonable… Read More »

Penalty for Failure to Get Accounts Audited Nature of Default • Failure to get accounts audited under Section 44AB. • Failure to furnish the audit report in Forms 3CA, 3CB, or 3CD by the due date. Quantum of Penalty Penalty is 0.5% of total sales, turnover, or gross receipts, as the case may be or Rs. 1,50,000, whichever is less.

Penalty on Charitable Trust for Providing Benefit to Related Persons Nature of Default A penalty is levied if any trust or institution, referred to in Section 11 or 10(23C)(iv)/(v)/(vi)/(via), has applied its income for the benefit of an interested person. Quantum of Penalty • First violation: Penalty equals the amount of income applied for the benefit of the… Read More »