Types of Penalties imposed under Income Tax Act. 1961

Nature of default / failureSectionsPenalty
Default in payment of any tax dueSection 221(1)Such an amount as the Assessing Officer may impose but not exceeding the amount of tax.
Determination of undisclosed income of block periodSection 158BFA(2)Minimum : 100 per cent of tax leviable in respect of  undisclosed income Maximum : 300 per cent of tax leviable in respect of undisclosed income.
Under-reporting and misreporting of incomeSection 270A(1)A sum equal to 50% of the amount of tax payable on under-reported income.
However, if under-reported income is in consequence of any misreporting thereof by any person, the penalty shall be equal to 200% of the  amount of tax payable on under-reported income
Failure to comply with notice issued under section 142(1) or section 143(2) and direction for audit under section 142(2A).Section 271(1)(b)Rs. 10,000 for each failure. This section shall not apply to and in relation to any assessment for the A.Y commencing on or after the 1st day of April, 2017.
Concealment of income or furnishing inaccurate particulars of incomeSection 271(1)(c)100% to 300% of the tax evaded. This section shall not apply to and in relation to any assessment for the A.Y commencing on or after the 1st day of April, 2017.
Distribution of profits by registered firm otherwise than in accordance with partnership deed and as a result of which partner has returned income below the real incomeSection 271(4)Not exceeding 150 per cent of difference between tax on partner’s income assessed and tax on income returned, in addition to tax payable This section shall not apply to and in relation to any assessment for the A.Y commencing on or after the 1st day of April, 2017.
Failure to keep, maintain or retain books of account, documents, etc., as are required under section 44AASection 271ARs. 25,000
Failure to keep and maintain information and documents required in respect of international transaction or specified domestic transaction, failure to report such transaction, etc.Section 271AA2% of the value of each international transaction or specified domestic transaction entered into by the taxpayer.
Failure to furnish information and document as required under Section 92D(4)Section 271AA(2)Rs. 5,00,000/-
Penalty in case of search (Search is initiated on or after July 1, 2012 but before December 15, 2016)Section 271AAB10%, 20% and 60% of the undisclosed income, as the case may be.
Penalty in case of search (if search is initiated on or after December 15, 2016)Section 271AAB30% or 60% of undisclosed income, as the case may be
Penalty where income includes any income referred to in Section 68, Section 69, Section 69A, Section 69B, Section 69C or Section 69D.Section 271AAC10% of tax payable on undisclosed income
Failure to get accounts audited or furnish a report of audit as required under section 44ABSection 271BOne-half per cent of total sales turnover or gross receipts, etc., or Rs. 1,50,000, whichever is less
Failure to furnish a report from an accountant as required by section 92ESection 271BARs. 1,00,000
Failure to deduct tax at source, wholly or partly or failure to pay wholly or partly tax under section 115- O(2)Section 271CAn amount equal to tax not deducted (in case of TDS) or tax not paid (in case of dividend distribution tax)
Failure to collect tax at sourceSection 271CAAn amount equal to tax not collected.
Taking or accepting certain loans or deposits or specified sum* in contravention of provisions of section 269SS “Specified sum” means any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place.Section 271DAn amount equal to loan or deposit or specified sum so taken or accepted.
Accepting cash of Rs. 2,00,000 or more in contravention to SectionSection 271DAAn amount equivalent to cash receipt
Repaying loans or deposits or specified advance* in contravention of provisions of section 269T “Specified advance” means any sum of money in the nature of  advance, by whatever name called, in relation to transfer of an immovable property, whether or not transfer takes placeSection 271EAn amount equal to loan or deposit or specified advance so repai
Failure to furnish the return of income before the end of the assessment yearSection 271FRs. 5,000 [Not applicable for any AY commencing on or after 1st April, 2018]
Failure to furnish statement of financial transaction or reportable account (previously called as Annual Information Return) as required under section 285BA(1)Section 271FARs. 500 or Rs. 1,000, as the case may be, per day of default
Failure to furnish an accurate statement of financial  transaction or reportable accountSection 271FAARs. 50,000
Failure to furnish statement or information or document [as required under Section 9A(5)] by an eligible investment fund within the prescribed time-limit.Section 271FABAn amount equal to Rs. 5,00,000
Failure to furnish any information or document as required by section 92D(3)Section 271G2% of the value of the international transaction or specified domestic transaction for each such failure
Failure to furnish information or document under section 285A* by an Indian concern. *Section 285A provides that where any share or interest of foreign company derives its value substantially from assets located in India, and such company holds such assets in India through Indian Concern then such Indian concern shall furnish the prescribed information to the income-tax authority.Section 271GAA sum equal to 2% of the value of the transaction in respect of which such failure has taken place, if such transaction had the effect of directly or indirectly transferring the right of management or control in relation to the Indian concern; An amount equal to Rs. 5,00,000 in any other case 
Failure to furnish report under section 286(2)Section 271GB(1)Rs. 5,000 per day up to 30 days and Rs. 15,000 per day beyond 30 days
Failure to produce the information and documents within the period allowed under section 271GB(6)Section 271GB(2)Rs. 5,000 for every day during which the failure continues.
Failure to furnish report or failure to produce information/documents under section 286 even after serving order under section 271GB(1) or 271GB(2)Section 271GB(3)Rs. 50,000 for every day for which such failure continues beginning from the date of serving such order.
Failure to inform about inaccuracy in report furnish under section 286(2) Or furnishing of inaccurate information or document in response to notice issued under section 286(6).Section 271GB(4)Rs. 5,00,000
Failure to file the TDS/TCS returnSection 271HNot less than Rs.10,000 and upto Rs. 1,00,000
Failure to furnish information or furnishing of inaccurate information under Section 195(6) in respect of payment made to non-residents.Section 271-IAn amount equal to Rs. 1,00,000
Furnishing of Incorrect information by an Chartered Accountant or a merchant banker or a registered valuer in a report or certificateSection 271JRs. 10,000 for each such report or certificate
Failure to co-operate with the tax authorities, (i.e., not answering any question, not signing statements, etc.) or failure to comply with notice issued under section 142(1)/143(2) or failure to comply with direction issued under section 142(2A).Section 272A(1)Rs. 10,000 for each failure/default
Penalty under section 272A(2)Section 272A(2)Rs. 100 per day for every day during which the default continues.
Failure to comply with section 133BSection 272AA(1)An amount not exceeding Rs. 1000
Failure to comply with provisions relating to Permanent Account Number (PAN)Section 272BRs. 10,000
Failure to comply with provisions relating to Tax Deduction Account Number or Tax Collection Account NumberSection 272BB(1)Rs. 10,000
Failure to comply with the provisions relating to Tax Collection Account NumberSection 272BBBRs. 10,000