Penalty Under Section 272A Not Justified When Assessee Eventually Complies and Assessment is Completed Key Facts: The AO initiated penalty proceedings under Section 270A and 272A(1)(d) for the assessee’s failure to respond to notices. The assessee did not respond to the initial notices but provided the required information in response to subsequent notices. The AO… Read More »
NEW CHANGE IN INCOME TAX PENALTY PROVISON I TDS I WRONG REPORTING i CA SATBIR SINGH
Income Tax Penalty on Doctors for not maintaining Books : ITAT ITAT Pune Yogesh Parashram Pangarkar Vs ITO ITA No.1162/PUN/2018 15/03/2022 Related Assessment Year : 2013-14 This is an appeal filed by the Assessee directed against the order of ld. Commissioner of Income Tax(Appeals)-1, Pune, Appeal Number.PN/CIT(A)1/DCIT,Cir.1(2)/PN/508/16-17 dated 12.01.2018 for the Assessment Year 2013-14.The Assessee… Read More »
TAX & PENALTY on CASH DEPOSIT in SAVING BANK ACCOUNT I INCOME TAX on UNEXPLAINED MONEY I CA Satbir
PENALTY IF INCOME TAX NOTICE NOT REPLIED i CA SATBIR SINGH
A bare reading of the above notice suggests that the notice has been issued in a casual fashion. The Assessing officer has not applied his mind and no specific charge is mentioned for which the assessee was required to be show caused. In absence of the requisite contents of specific charge the initiation of proceedings… Read More »
Fees & Penalty for Delay/ Non filing of TDS Return [As amended by Finance Act, 2019] No filing or Late filing of TDS returns or TDS statement under Income Tax Act shall be liable for 2 penal consequence 1.Fee for late filing U/s 234E and 2. Penalty for late filing or Non filing of TDS… Read More »
Power of Commissioner to Reduce or Waive Income Tax Penalty [As amended by Finance Act, 2019] POWER OF PRINCIPAL COMMISSIONER OR COMMISSIONER TO REDUCE OR WAIVE PENALTY In the tutorial on ‘Penalties Under the Income-tax Act’, we discussed various penalties imposable under the Income-tax Act in respect of various defaults. Apart from enacting penalty provisions,… Read More »
Income Tax Penalty : Free Study Material Here is the Free study material on Income Tax Penalty provisions Fees & Penalty for Delay/ Non filing of TDS Return of Income Tax (FA 2019) Income Tax Commissioner Power to Reduce or Waive Penalty { Amended by Finance Act 2018 Various Penalties under Income Tax Act [FA… Read More »
Section 234F Income Tax Act : ITR Late filing fees [ Section 234F of Income Tax Act Inserted by the Finance Act, 2017, w.e.f. 1-4-2018. i.e applicable from AY 2018-19 (FY 2017-18 ) onwards ] Summary of Section 234F Income Tax ITR Late filing fees Section 234F of the Income Tax Act, 1961, was introduced in… Read More »