Income tax penalty u/s 271c
WebPenalty u/s 271C - failure on the part of the assessee to deduct tax at source - without declaring the assessee as assessee in default under section 201 (1) no penalty under section 271C of the Act can be imposed View Source ← Previous Next → F: Transporter issuing builty required to take gst registration? WebApr 11, 2024 · It was held that on true interpretation of Sec 271C, there shall not be any penalty leviable u/s 271C on mere delay in remittance of the TDS after deducting the …
Income tax penalty u/s 271c
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WebApr 11, 2024 · 11 April 2024 3:15 AM GMT. The Supreme Court has ruled that no penalty is leviable under Section 271C of the Income Tax Act, 1961 on mere delay in remittance of the tax deducted at source (TDS ...
The penalty under section 271C is applicable under the following conditions – 1. The person fails to deduct, the whole or part of, tax at source (i.e. TDS). 2. The person fails to pay, the whole or part of, Dividend Distribution … See more In case of default, the penalty under section 271Cis leviable to the extent of an amount equal to TDS not deducted / not paid. See more Q 1. What is Chapter XVIIB? Ans:Chapter XVII of the Income Tax Act covers provisions relating to ‘Collection and recovery of tax’. Part B of Chapter XVII (i.e. Chapter XVIIB) covers … See more WebApr 12, 2024 · Even the CBDT has decided to impose no penalty under Section 271C of the Income Tax Act for non-deduction of TDS, and no penalty is contemplated under Section …
WebApr 10, 2024 · On 02.06.2003, Income Tax Officer (ITO) vide order under Section 201(1A) of the Act, 1961 levied penal interest of Rs. 4,97,920/for the period of delay in remittance of … WebSection 271C (1): (a) deduct the whole or any part of the tax as required by or under the provisions of Chapter XVII-B; or. (b) pay the whole or any part of the tax as required by or …
Web271C: Failure to deduct tax at source, wholly or partly, under sections 192 to 196D (Chapter XVII-B) or failure to pay wholly or partly tax u/s 115-O(2) or proviso to section 194B: …
WebApr 15, 2024 · The Supreme Court has ruled that no penalty is leviable under Section 271C of the Income Tax Act, 1961 on mere delay in remittance of the tax deducted at source … atar hajaliWebMar 24, 2009 · In fact in the orders passed u/s. 143 (3) of the Income Tax Act, they have been mentioning “Initiate Penalty proceedings u/s. 271 (1) (C) of the I T Act” by default on additions/disallowances done without providing any reasons irrespective of whether the assessee really tried to conceal his income or furnished inaccurate particulars of his … asim hamidi saint charlesWebAug 3, 2024 · The plain reading of section 271 (1) (c) of Income Tax act 1961 clearly states as follows “Concealment of particulars of income or fringe benefits or furnishing of … asim hakimWebSection 271C of Income Tax Act deals with penalty for failure to deduct TDS or remit TDS with the Income Tax Department. The maximum amount of penalty under Section 271C is … asim guptaWebApr 12, 2024 · Even the CBDT has decided to impose no penalty under Section 271C of the Income Tax Act for non-deduction of TDS, and no penalty is contemplated under Section 271C for delayed remittance, payment, or deposit of the TDS. The court stated, asserting the CBDT’s Circular No. 551 dated January 23, 1998. The assessee was not required to pay … asim hasanWeb1. confirming penalty of Rs.1,81,00,765 u/s. 271C of I. T. Act, 1961. 2. confirming the above penalty on the ground that the eventhough the appellant had claimed that the parties to whom payments were made had paid the taxes whereever applicable in their individual capacity, the appellant had not submitted any documents in support of the same. asim haniaWebApr 12, 2024 · On 09.10.2003, the Additional Commissioner of Income Tax issued a show cause notice proposing to levy a penalty under Section 271C of the amount equal to TDS. The High Court vide impugned judgment and order has dismissed the appeal preferred by the assessee by holding that failure to deduct/remit the TDS would attract a penalty under … asim hanif