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

For the purpose of Income-tax Act, a taxpayer is required to maintain the books of account as provided in section 44AA. If the taxpayer fails to maintain books of account as per the provisions of section 44AA, then he shall be liable to pay penalty under section 271A. Penalty under section 271A is Rs. 25,000.

 

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

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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)

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Penalty for furnishing inaccurate statement of financial transaction or reportable account

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

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

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

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

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Relaxation from penalty

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[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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