Tax deduction

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… Read More

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Government proposes 15% concession on investments of INR 100 crore or more on Manufacturing

The Government proposes to provide 15% concession on investment of more than Rs. 100 crore on project and automation in manufacturing sector of the country from 1st April, 2013 to 31st March, 2015. In order to encourage substantial investment in plant or machinery, the Finance Bill, 2013 proposes to insert a new section 32AC in… Read More

Tags: 1st April 2013CompanyGovernment of IndiaIncome taxIndiaInvestmentTaxTax deduction

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