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. Determination of under-reported income and its computation thereof [Section 270A(2) and (3)]
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 Immunity shall stand withdrawn, if there is a failure to satisfy the conditions [Section 273AA(4)]: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 Immunity to be withdrawn if there is concealment of particulars or any false evidence [Section 273AA(5)]: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)]