Most of Taxpayee, Tax Deductor and accountant (who maintain the Book of Account) did not know about penalties of Income Tax Act. Therefore, on demand of Taxpayee and Tax Deductor furnish the major penalties of Income Tax. There are different penalties payable under the Indian Income Tax Act for defaults under the various provisions of the act committed by an assessee. There are many provisions under which the penalties are payable under the act. There are some penalties that are mandatory in nature while in most of the cases penalty is payable at the discretion of the Assessing Officer (AO). The major penalties that are imposed under the act along with their nature of defaults are given as under:
1. Default: Concealment of Income or furnishing inaccurate particulars of income.
Minimum Penalty: 100% of tax sought to be evaded.
Maximum Penalty: 300% of tax sought to be evaded.
2. Default: Failure to keep or maintain books as required u/s 44AA.
Minimum Penalty: Rs. 25,000/-
3. Default: Failure to get accounts audited or furnish report u/s 44AB.
Minimum Penalty: ½% of the total sales, turnover or gross receipts.
Maximum Penalty: Rs. 100,000/-
4. Default: Taking/Repaying or accepting any loan or deposit in contravention of the provisions of section 269SS /269T (Loan taken or repaid above Rs. 20,000 in cash).
Minimum Penalty: Amount of loan/deposit so taken or accepted or repaid.
5. Default: Failure to furnish Return of Income.
Minimum Penalty: Rs. 5000/-
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