Levy of penalty u/s. 221 - default the payment of TDS to the ...

Case Laws Income Tax

December 23, 2021

Levy of penalty u/s. 221 - default the payment of TDS to the government - assessee in default - the Assessing Officer levied penalty at very exorbitant rate that 5% pm for which there is no legal sanction when the department itself has paid interest at 6% pa to the assessee on the refund due to the assessee. Being so, in our opinion, it is reasonable and fair to levy penalty at 1% pm i.e. 12% pa instead of 5% pm levied by AO. - AT

View Source

← Previous Next →

Levy of penalty u/s. 221 - default the payment of TDS to the ...

Case Laws Income Tax

December 23, 2021

You may also like:

Penalty levied u/s 221 - default on the part of assessee or deeming the assessee to be an assessee on default - Failure to collect tax u/s 206C while selling timber -...

Levy of penalty u/s 221 - Delay in the remittance of TDS to the Government (TDS) Account - the explanation of the assessee that on account of cash crunch, remittance of...

TDS default - Considering the penal nature of section 221, it would be in the fitness of things to make a distinction between a case where the TDS is deposited suo-motu...

Business expenditure u/s 37(1) - The issue can also be looked into from another angle. Admittedly, the assessee is collecting TDS on behalf of the Government. The TDS...

Penalty u/s 221 - failure to deposit the TDS amount with the Govt. - In fact, a clear finding has been recorded by the tribunal that question of financial stringency...

The provisions of s. 221 providing for penalty payable when tax is in default applies to both the situations, i.e., when assessee is in default in respect of the...

TDS u/s 195 - default u/s 201(1)/201(1A) - assessee deducted TDS at 10% plus surcharge on consideration paid for purchase of shares from non-resident sellers - TDS...

Penalty u/s 221 r.w.s. 140A - default of non-payment of taxes on due date - Provisions of Section 140A (3) can apply only when there is a self-assessment tax payable...

Levy of penalty u/s 221(1) - default in payment of tax - assessee has not paid taxes which are payable along with a return of income, however paid within a month even...

Penalty u/s 221 - non payment of admitted tax - financial stringency is considered to be good and sufficient cause for sufficiency of reason for not levying penalty u/s...

Levy of penalty u/s. 221 - TDS default - Tribunal has rendered a finding of fact that the reason set out by the appellant for failure to deposit the tax within time is...

Delay in deposit of TDS led to a complaint against the company and its directors for an offense u/ss 276B and 278B. However, the TDS was deposited with interest u/s...

Penalty levied u/s 221(1) - delay in payment of self assessment tax u/s 140A - assessee had filed its return of income on 30.09.2010 without payment of taxes - due date...

TDS u/s 194A OR 194C - short deduction of TDS - compensation paid by the assessee for breach of contract u/s.40(a)(ia) - If at all there is shortfall in TDS deducted by...

Levy of penalty u/s. 271A(2)(g) - default in compliance of TDS provision - financial crisis - The assessee has demonstrated from the material placed on record that...

Quick Updates: