Penalty for the Different Defaults Under Income Tax Act 1961
- An assesse has been made liable to penalty for the different defaults committed by him under the different provision of the Act.
| Section | Nature of default | Minimum penalty | MaximumPenalty |
| 1 | 2 | 3 | 4 |
| 140A(3) | Failure to pay whole or any part of income tax and/or interest in accordance with the provision of section 140A(1) | Such amount as the assessing officer may impose [sec.221(1)] | Tax in arrears |
| 221(1) | Default in making payment of tax within prescribed time | Such amount as the assessing officer may impose | Tax in arrears |
| 271(1)(b) | Failure to comply with a notice under section 142(1)or 143(2)or with a direction issued under section 142(2A) | Rs.10,000 for each failure | Rs.10.000 for each failure |
| 271(1)(c)(d) | Concealment of the particulars of income or furnishing inaccurate of income or concealment of particulars of fringe benefits | 100% of tax sought to be evaded | 300%of tax sought to be evaded |
| 271(A) | Failure to keep or maintain books of accounts ,documents, etc ,, as required under section 44AA | Rs,25.000 | Rs, 25.000 |
| 271AA | Failure to keep and maintain information and documents in respect of international transaction or [with effect from July 1.2012)failure to report international transaction (with effect from April 1.2013 these provision are also applicable in the case of specified domestic transaction] | 2% of value of each international transaction | |
| 271AAA` | Undisclosed income in the case of search (applicable if search is initiated on or after June 1. 2007 but before July 1. 20120 | 10 per cent of undisclosed income of specified previous year | |
| 271AAB | Undisclosed income in the case of search (applicable if search is initiated on or after July 1.2012) | see para 374.2-3 | |
| 271B | Failure to get accounts audited under section 44AB or furnish such report as is required under section 44AB | ½% of the total sales .turnover .or gross receipts | Rs, 1.00.000(Rs,1.50,000 with effect from april 1.2011 |
| 271BA | Failure to submit report under section 92E | Rs.1.00.000 | |
| 271C | Failure to deduct the whole or any part of tax as required under sections 192 to 195 or failure to pay the whole or any part of tax as required under section 115-o(2) or second proviso to section 194B | Amount of tax such per son has failed to deduct or pay | |
| 271CA | Failure to collect tax at source | 100% of tax which a person has failed to collect |
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Nice information
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