BLOG on Income Tax Management for - AY 2022-23 & 2023-24

PENALTIES & PROSECUTIONS - Direct Taxes

1- Penalties under Income Tax Act.

The various defaults in respect of which Penalty can be imposed by the Income Tax Department are summaries in details.

2- Penalty for Under-Reporting and Misreporting of Income [Section 270A]

Penalty for Under-Reported income; Penalty for Cases of Misreporting of Income; Penalty leviable in certain cases where no penalty was levied on Under-Reported income in any Preceding Year; Tax payable in respect of the under-reported income;

3. Immunity from imposition of Penalty and initiation of proceedings under section 276C or 276CC [Section 270AA]

Conditions to be fulfilled for making an application for grant of Immunity from imposition of penalty under section 270A and initiation of proceedings under section 276C or 276CC [Section 270AA(1)]

4. Power to Reduce or Waive Penalty [Section 273A]

Power to Reduce or Waive Penalty imposed or imposable for default under Section 270 or Section 271(1)(c) [Section 273A(1)]; Power to Reduce or Waive any Penalty [Section 273A(4)].

PENALTIES & PROSECUTIONS - Direct Taxes

1- Penalties under Income Tax Act.

2- Penalty for Under-Reporting and Misreporting of Income [Section 270A]

3. Immunity from imposition of Penalty and initiation of proceedings under section 276C or 276CC [Section 270AA]

4. Power to Reduce or Waive Penalty [Section 273A]

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