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Home List Manuals Income TaxIncome Tax - Frequently Asked Questions (FAQs)FAQs on Penalty provision under IT Act This

Income Tax - Frequently Asked Questions (FAQs)

FAQs on Penalty provision under IT Act

What is the amount of penalty levied under section 271AAE?

  • Contents

Ans.

a. For the first violation: To the extent of income applied by the institution for the benefit of any interested person referred to in section 13(3);

b. For any violation in subsequent years: Twice the amount of such income so applied.​

 

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