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TMI BlogSummary chart for Penalties in Income TaxX X X X Extracts X X X X X X X X Extracts X X X X ..... e. Under-reporting - 50% of the amount of tax payable on under-reported income Misreporting - 200% of the amount of tax payable if the under-reported income is in consequence of any misreporting of income. 271A Penalty levied by AO or JC(A) CIT(A). Failure to keep, maintain, or retain books of account, documents, etc., as required by section 44AA or failure to retain such books of accounts or documents for the period specified in section 44AA. Rs.25,000. 271AA Penalty levied by AO CIT(A). In respect of international transaction or specified domestic transaction: Failure to keep and maintain any such information and document as required by section 92D(1) or section 92D(2). Failure to report such transaction which he is required to do so. Mai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Failure to get accounts audited or furnish a report of audit as required under section 44AB . 0.50% of total sales, turnover, or gross receipts, etc., or Rs. 1,50,000 , whichever is less. 271BA Penalty levied by AO. Failure to furnish a report from an Chartered Accountant as required by section 92E Rs. 1,00,000. 271C Penalty levied by Joint Commissioner. For. - Failure to deduct the whole or part of tax deducted at source tax at source (TDS). pay or ensure payment of, the whole or any part of the tax as required by or under ( i sub-section (2) of section 115-O ; ( ii ) the proviso to section 194B , (iii) the first proviso to sub-section (1) of section 194R ; or (iv) the proviso to sub-section (1) of section 194S ; or (v) sub-section (2) o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied by prescribed IT Authority. Furnishing inaccurate statement of financial transaction or reportable account Rs. 50,000 or to retain out of any moneys that may be in its possession, or may come to it from every such reportable account holder, an amount equal to the sum so paid. [Amended by FA, 2023] 271FAB If any eligible investment fund which is required to furnish a statement or any information or document, as required under section 9A(5) fails to furnish such statement or information or document within the time prescribed under that sub-section. The income-tax authority prescribed under the said sub-section may direct that such fund shall pay, by way of penalty, a sum of ₹ 5,00,000. 271FB Penalty levied by prescribed IT Authority ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the quarterly returns of TDS/ TCS within the time prescribed Furnishing incorrect information in the quarterly returns of TDS/ TCS. Penalty minimum ₹ 10,000 and maximum up to ₹ 1,00,000. Note: Upto 31.03.2025 - No penalty for failure to deliver quarterly returns of TDS/ TCS in time, if quarterly return submitted before the expiry of one year from time prescribed and Fees under section 234E and interest under section 201(1A) paid. From 01.04.2025 - No penalty for failure to deliver quarterly returns of TDS/ TCS in time, if quarterly return submitted before the expiry of one month from time prescribed and Fees under section 234E and interest under section 201(1A) paid. 271-I Penalty levied by AO CIT(A). For, - If a person, who is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the time allowed therein. Failure to deliver in due time a copy of declaration in section 197A. Failure to furnish TDS or TCS certificate. With effect from 1-6-2015 new clause (m) in sub-section (2) of section 272A has been inserted so as to provide that if any person fails to deliver or cause to be deliver a statement within the time as may be prescribe under sub-section (2A) of section 200 or sub-section (3A) of section 206C. Rs.100 for every day during which the failure continues. However, in respect of penalty for failures in relation to declaration mentioned in section 197A , and furnishing of TDS/ TCS certificate, the penalty shall not exceed amount of TDS/ TCS. Then such person shall paid, by way of penalty ₹ 100 for every da ..... X X X X Extracts X X X X X X X X Extracts X X X X
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