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Smart & Easy TDS Software for Preparing TDS Returns

TDSMAN Blog - Smart & Easy TDS Software for Preparing TDS Returns

Penalty Chart under the Income Tax Act, 1961

Given below is the chart which shows section under which penalty can be imposed, nature of default and quantum of penalty.

PENALTIES UNDER INCOME TAX ACT

Section Nature of Default Quantum of penalty
Non Payment
221(1) Tax payments including  Self Assessment Tax Amount of tax in arrears
Failure to comply
271(1)(b) with the notice u/S 115WD(2)/ 115WE(2)/ 143(1)/ 142(2) Rs. 10,000 of each failure
271(1)(b) with direction u/s 142(2A) to get audited Rs. 10,000 of each failure
272A (1) Failure to answer questions or sign statements Rs. 10,000 of each failure
Concealment
271(1)(c) Concealment of income or inaccurate particulars 100 % to 300 % of tax sought to be evaded
271AAA Undisclosed income found during search intimation u/s 132 10% of undisclosed income
Book, Audit, loans
271A Failure to maintain books or documents u/s. 44AA. Rs. 25,000
271B Failure to get accounts audited  u/s. 44AB. 0.5% of total sales, or Rs.1,50,000 whichever is less
271D Taking loan in contravention of Sec. 269SS Equal to amount of loan  taken
271E Repayment of loan in contravention of Sec. 269T Amount of deposit or repaid
271F Failure to furnish Return of Income Rs. 5,000
International transactions
271AA Failure to keep and maintain information and documents u/s. 92D. 2%  of value
271BA Failure to furnish a report as required u/s. 92E. Rs. 1,00,000
TDS
271C Failure to deduct TDS in full and part Equal to the amount failed to be deducted
271CA Failure to collect TDS in full and part Equal to the amount failed to be collected
272BB(1A) Quoting false TAN in challan/ statements Rs. 10,000
272BB(1) Failure to apply for TAN Rs. 10,000
271H Failure to furnish e TDS statement Rs 10,000 to 1 lacks
272A(2) (g) Failure to furnish TDS certificate Rs 100 per day .
272A(2) Failure to comply with department letter Rs. 100 for every day during which the failure continues.
272AA(1) Failure to furnish information required u/s. 133B Rs. 1,000
272B Failure to apply for Permanent Account Number (PAN) Rs. 10,000
272BBB Failure to apply for Tax Collection Account No. (TCN) Rs. 10,000

 

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