Share |

PENALTIES

 

Under Income-tax Act penalties are imposed either by the departmental authorities in certain cases or are imposed by the court for certain Income-tax offences.


The power to impose a penalty is given to Assessing Officer and the Commissioner. The right to impose penalty by I.T.O. does not come to an end when an appeal in filed against the assessment made by him although in certain cases he has to obtain the prior approval of the Deputy Commissioner. The above-mentioned income-tax authorities are empowered to impose penalties for default in the course of proceedings going on before them. Penalties are imposable on the assessee by the D.C. (A) in an appeal filed by the uthoriz against the order of Assessing The Assessing Officer cannot impose a penalty on the concealed income detected by D.C. (A) in the course of appeal against the assessment completed by the Assessing Officer


Penalty refers to monetary punishment for violation of law


It is also possible that the Commissioner (A) may allow an appeal of the assessee against the orders of penalty of Assessing Officer, and may himself impose a fresh penalty


The Income-tax Act, 1961 prescribes various types of penalties in the even of defaults under the Act. These are :

 

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

[B]     Power to Reduce or Waive Penalty, etc. in certain cases (Section 273 A)
[C]    Stay or Compounding proceedings [Section 273 A (4)]
[D]    Procedure for imposing Penalty [Section 274]
[E]     Time limits of commencement and completion of Penalty proceedings (Section 275)
[F]     Power of Commissioner to Grant Immunity from Penalty [Section 273AA]
[G]    Summary Of Provisions Relating To Penalties
[H]    Important Notes on Penalty under Income Tax Act. 1961.
 
 
 
Get Updated ....
Tally.ERP 9 Book
 
Guide & FAQ on Tax Knowledgebase @ Taxation Income Tax @ Glance HUF - Formation, Planning & Taxation
Charitable & Religious TRUST NRI (Tax Planning,Saving,Investemnt) Budget 2017-2018 GST (FAQ, Law, Act. Rules, Schedule, Enrollment)

Disclaimer:
All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may click here to visit the web site of Income Tax Department for resolving their doubts or for clarifications