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Relaxation from Penalty Under Income Tax

Apart from designing penalty provisions, the Income-tax Act also contains provisions for granting relief from penalty in genuine / deserving cases. Relief can be granted in the following manner:

 

1.         Under section 273A(4) the Principal Commissioner or Commissioner of Income tax has power to waive or reduce any penalty levied under the Income-tax Act. Penalty can be waived or reduced by the Commissioner of Income-tax if the conditions specified in section 273A(4) in this regard are satisfied.

 

2.         Apart from shelter of section 273A(4) as discussed earlier, section 273B also provides relief from penalty in genuine cases. As per section 273B, no penalty shall be levied under section 271A, 271AA, 271B, 271BA, 271BB, 271C, 271CA, 271D, 271E, 271F, 271FA, 271FAB,271FB, 271G, 271GA, 271GB, 271H, 271- I,272A(1)(c) or (d), 272A(2), 272AA(1), 272B, 272BB(1), 272BB(1A), 272BBB(1) or 273(2)(b) or (c), if the taxpayer proves that there was reasonable cause for such failure.

More Topics ....

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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