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 |