taxpenalty

Failure to pay self assessment tax or interest or both under Section 140A

PENALTY - as assessing officer may impose but which shall not be more than tax in arrears

Determination of undisclosed income of block period under Section 158BFA

PENALTY - which may not be less than 100% of tax leviable in respect of undisclosed income but which might exceed upto 300% of tax leviable

Default in making payment of tax under Section 221(1)

PENALTY - as assessing officer may impose but which shall not be more than tax in arrears

Failure to comply with:

a notice for non-submission of return or to produce documents or accounts under Section 142(1)
the notice for assessment under Section 143(2) or
a notice giving a direction for audit under Section 142(2A)

PENALTY - not less than Rs. 1,000 for each failure but which may extend to Rs. 25,000 for each failure

Concealment of the particulars of income or furnishing inaccurate particulars of income

PENALTY - Not less than 100% of tax sought to be evaded but which may extend to 300 % of tax sought to be evaded

Failure to keep or maintain books of accounts, documents etc, by certain person as required under Section 44AA

PENALTY - Not less than Rs. 2,000 but which may extend to Rs. 1,00,000

Failure to get accounts audited and to furnish a report of such audit as required under Section 44AB

PENALTY - ½% of total sales, turnover or gross receipts, etc., or Rs. 1,00,000, whichever is less

Failure to deduct the whole or any part of tax as required to be deducted at source under Section 192 to 195 (TDS)

Failure to pay the whole or any part of tax on dividend by a domestic company under Section115-O.

PENALTY - Amount of tax which is required to be deducted at source

Taking or accepting any loan or deposit in contravention of Section 269SS

PENALTY - Amount of loan or deposit so taken

Repaying any deposit in contravention of Section 269T

PENALTY - Amount of deposit so repaid

Failure to furnish return under 1/6 Scheme on or before the end of the relevant year

PENALTY - Rs. 1,000

Failure to answer any question put to a person by an income tax authority

PENALTY - Not less than Rs. 500 for each default but which may extend to Rs. 10,000

Failure to sign any statement made by a person in course of income tax proceeding

PENALTY - Not less than Rs. 500 for each default but which may extend to Rs. 10,000

Failure to comply with summons issued to attend office to give evidence and produce books of accounts as required under Section 131(1)

PENALTY - Not less than Rs. 500 for each default but which may extend to Rs. 10,000

Failure to comply with the the provision of Section 139A regarding Permanent Account Number (PAN)

PENALTY - Not less than Rs. 500 for each default but which may extend to Rs. 10,000

Failure to–

(i) comply with a notice issued under Section 94 in respect of avoidance of tax by certain transactions in securities

(ii) give notice of discontinuance of business/profession under Section 176(3)

(iii) to furnish returns/statement under Section 133

(iv) to furnish annual return of TDS under Section 206

(v) to furnish annual return of tax collected at sources under Section 206C

(vi) to furnish statement by producers of cinematograph films u/s 285B

(vii) allow inspection of registers or to copies of such registers to be taken under section 134

(viii) to furnish return of income under 139(4A)

(ix) to deliver in due time a declaration under Section 197A regarding non deduction of tax in certain cases

(x) to furnish a certificate of Tax Deducted at Source under Section 203 or of Tax Collected at Source under Section 206C

(xi) to deduct or pay any tax under Section 226.

PENALTY - Rs. 100 for every day during which default continues ( amount of penalty under Section 206 or 206C shall not exceed the amount of tax deductible or collectible)

Failure to comply with Section 133B.

PENALTY - Any amount Not exceeding Rs. 1,000.

Failure to get Tax Deduction Account Number (TAN) under Section 203A.

PENALTY - Any amount not exceeding Rs. 5,000.