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A Few Penalty Clause in Income Tax

Section

Nature of Default

Penalty

271B

Failure to get accounts audited u/s 44AB

Least of ½ % of Total Sales/Turnover or Rs. 1,50,000

271C

Failure to deduct whole or past of tax u/s 192 to 196C

Amount of Tax which is failed to be deducted

271D

Taking or accepting any loan or deposit in case ( 269SS)

Amount of Loan or Deposit taken

271E

Repaying or accepting or depositing Cash ( 369 T )

Amount of Deposit or Loan Repaid

271F

Failure to file Return of Income u/s 139

Rs. 5000 /-

271H

Failure to Submit Qly TDS / TCS Return

Rs. 10,000 /- to Rs. 1,00,000

 
 
 
 
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