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Penalties Under Income Tax Act. 1961.

1. 'PENALTIES' in the even of Defaults under the Income Tax Act. 1961


2. Penalties for different Defaults under Income Tax Act.

  1. Penalty where Search has been initiated [Section 271AAB(1A)]

  2. Penalty in respect of certain income [Section 271AAC]

  3. Penalty for failure to furnish statements, etc. [Section 271H]

  4. Penalty for failure to comply with provisions of section 269ST [Section 271DA]

  5. Penalty for furnishing incorrect information in reports or certificates [Section 271J]

3. Penalty For Under-Reporting And Mis-Reporting Of Income (Section 270A)

  1. Cases Of Under-Reported Income –

  2. Cases of Mis-Reporting of Income [Sec. 270A(9)] –

  3. Quantum Of Under-Reported Income –

  4. (Negative list) - Under-Reported income shall not include the following –

  5. Rate Of Penalty –

  6. How to calculate Tax on Under-Reported Income –

  7. (7) Determination of under-reported income and its computation thereof [Section 270A(2) and (3)]

  8. (8) Tax payable in respect of the under-reported income [Section 270A(10)]

4. Immunity from Imposition of Penalty and Initiation of Proceedings under Section 276C or 276CC [Section 270AA] :


5. Power to Reduce or Waive Penalty (Section 273A)

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

  2. [Section 273A(4)] : Power to Reduce or Waive any Penalty

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

  1. When can application be made for grant of immunity? [Section 273AA(1)]:

  2. Application can not be made after imposition of penalty after abatement [Section 273AA(2)]:

  3. Principal Commissioner or Commissioner may grant immunity subject to certain conditions [Section 273AA(3)]:

  4. Time limit for passing order under section 273AA(3) [Section 273AA(3A) inserted by the Finance Act, 2016, w.e.f. 1.6.2016]:

  5. Immunity shall stand withdrawn, if there is a failure to satisfy the conditions [Section 273AA(4)]:

  6. Immunity to be withdrawn if there is concealment of particulars or any false evidence [Section 273AA(5)]:


7. Types of Penalties imposed under Income Tax Act. 1961


8. Penalty for default in making payment of Self Assessment Tax [Section 221(1)]


 
 
 
 
 
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