Penalty for default in making payment of Self Assessment Tax

As per section 140A(1) any tax due (after allowing credit for TDS, advance tax, etc.) along with interest under section 234A, 234B and 234C (if any) should be paid before filing the return of income. Tax paid as per section 140A(1) is called ‘self assessment tax’.

 

As per section 140A(3), if a person fails to pay either wholly or partly self assessment tax or interest, then he will be treated as assessee in default in respect of unpaid amount. As per section 221(1), if a taxpayer is treated as an assessee in default, then he shall be held liable to pay penalty of such amount as the Assessing Officer may impose and in the case of a continuing default, such further amount or amounts as the assessing officer may, from time to time, direct. However, the total amount of penalty cannot exceed the amount of tax in arrears.

 

Before charging penalty under section 221(1), the tax authority shall give the taxpayer a reasonable opportunity of being heard. No penalty is levied if the taxpayer proves to the satisfaction of the tax authorities that the default was for good and sufficient reason.

 

Note: An assessee shall not cease to be liable to any penalty under section 221(1) merely by reason of the fact that he paid the tax before the levy of such penalty.
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1.

Penalty for default in making payment of Self Assessment Tax

2.

Penalty for default in making payment of Tax

3.

Penalty for  Late filing fees for delay in filing the TDS/TCS statement

4.

Penalty for failure to comply with notice issued under section 142(1) or 143(2) or direction for audit under section 142(2A)

5.

Penalty for underreporting and misreporting of income

6.

Penalty for failure to keep, maintain, or retain books of account, documents, etc., as required under section 44AA

7.

Penalty for failure to keep and maintain information and document etc.in respect ofinternational transaction or specified domestic transaction

8.

Penalty in case of search

9.

Penalty for  Failure to get accounts audited or furnish a report of audit as required under section 44AB

10.

Penalty for failure to furnish a report from an accountant as required by section 92E

11.

Penalty for failure to deduct tax at source, wholly or partly or failure to pay wholly or partly tax under section 115-O(2)

12.

Penalty for failure to pay tax in respect of winning from lottery or crossword puzzle

13.

Penalty for failure to collect tax at source

14.

Penalty for  Taking or accepting certain loans or deposits or specified sum in contravention of provisions of section 269SS

15.

Penalty for Repaying loans or deposits or specified advance in contravention of provisions of section 269T

16.

Penalty for Failure to furnish statement of financial transaction or reportable account (previously called as ‘Annual Information Return (AIR)’) as required under section 285BA(1)

17.

Penalty for furnishing inaccurate statement of financial transaction or reportable account

18.

Penalty for failure to furnish statement or information or document by an eligible investment fund.

19.

Penalty for Failure to furnish any information or document as required by section 92D(3)

20.

Penalty Section 271GB for failure to furnish report or for furnishing inaccurate report under Section 286

21.

Penalty for failure to furnish information or document under section 285A

22.

Penalty for failure to file the TDS/TCS return

23.

Penalty for failure to furnish information or furnishing inaccurate information under section 195

24.

Penalty for Failure to co-operate with the tax authorities

25.

Penalty under section 272A(2)

26.

Penalty for failure to comply with provisions of section 133B

27.

Penalty for  Failure to comply with provisions of relating to Permanent Account Number (PAN)

28.

Penalty for  Failure to comply with provisions relating to Tax Deduction Account Number or Tax Collection Account Number

29.

Relaxation from penalty

30

[A] Types of Penalties imposed under Income Tax Act. 1961.

31

[B] Power to Reduce or Waive Penalty, etc. in certain cases (Section 273 A)

32

[C] Stay or Compounding proceedings [Section 273 A (4)]

33

[D] Procedure for imposing Penalty [Section 274]

34

[E] Time limits of commencement and completion of Penalty proceedings (Section 275)

35

[F] Power of Commissioner to Grant Immunity from Penalty [Section 273AA]

36

[G] Summary Of Provisions Relating To Penalties

37

[H] Important Notes on Penalty under Income Tax Act. 1961.

 
 
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