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List of Penalties under IT Act 1961

The following are the various penalties under the Income Tax Act 1961 along with the corresponding nature of defaults.

PENALTIES UNDER INCOME TAX ACT
Section
Nature of Default
Quantum of penalty
NON PAYMENT
221(1)
Tax payments including  SelfAssessment 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 TDSstatement
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 CollectionAccount No. (TCN)
Rs. 10,000

Tags: Fiscal yearIncome taxRupeeTaxTax deductionTaxationTDS

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