Income tax penalty u/s 271c

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August undefined, 2024

Web1. 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. http://kb.icai.org/pdfs/PDFFile5b4f18e43e2db4.51472745.pdf

Penalty u/s. 271(1)(C) - CAclubindia

WebIncome Tax Penalty 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 … WebApr 12, 2024 · Supreme Court Held. The Supreme Court held that section 271C (1) (a) is applicable in case of a failure on the part of the assessee to “deduct” the whole or any part … cups ridges

No deduction for TDS on EDC payments to HUDA, and no …

WebNov 11, 2014 · However, the AO did not find merit in the submissions of the assessee and levied penalty U/S 271C of the Act vide order dt. 18th Aug., 2010. Being aggrieved, the … WebApr 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. … WebApr 13, 2024 · The Supreme Court in this case was considering whether the appellant was liable for penalty u/s 271C even though there was mere delay in payment as the … easy creamy coleslaw

Penalty on Non deduction, late deduction and late deposit of TDS

Income Tax - Penalty u/s 271C - failure on the part of the assessee …

WebApr 11, 2024 · The Supreme Court in this case was considering whether the appellant was liable for penalty u/s 271C even though there was mere delay in payment as the provisions of Section 271C dealt with penalty for failure to deduct the tax and not delayed payment of tax. ... 271C and 273B of Income-tax Act,1961: Counsel(s): Counsels : Dowload Pdf File ... WebAug 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 inaccurate particulars of income or fringe benefits” and levies penalty of minimum 100% as a fine and maximum 300% of tax sought to be evaded in addition to tax payable. easy creamy coleslaw recipeWebIncome Tax - Penalty u/s 271C - failure on the part of the assessee to... Income Tax Penalty 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 → easy creamy chicken pot pie

"WebAug 1, 2024 · A penalty is levied under Section 271 (1) (c) of the Income Tax Act, 1961 if the assessee has concealed the particulars of his income or furnishes inaccurate particulars of income. Explanation 1 defines what constitutes concealment of income. " - Income tax penalty u/s 271c

Income tax penalty u/s 271c

Penalty under section 271(1) (c) of the Income Tax Act

WebSection 271C of Income Tax Act. Section 271C of Income Tax Act lays down the law relating to the penalty which should be imposed by the Income Tax Department for failure to … WebApr 13, 2024 · The Supreme Court in this case was considering whether the appellant was liable for penalty u/s 271C even though there was mere delay in payment as the provisions of Section 271C dealt with penalty for failure to deduct the tax and not delayed payment of tax. The court accepting the arguments of the Appellant’s AR that the penal provisions ...

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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 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 … Web3 hours ago · 6. Thus, from the above, it is evident that non-specification of the limb of the notice would render the penalty proceedings invalid. Accordingly, respectfully following the precedent, we set-aside the orders of the authorities below holding that notice u/s 271 (1) (c) is omnibus notice, thus defective which goes to the root of the matter.

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 (TDS) after the same has been deducted by the assessee. The bench of Justices M.R. Shah and C.T. Ravikumar observed that the relevant words used in Section WebApr 12, 2024 · The Supreme Court (SC) of India has held that mere belated TDS remittance won’t attract a penalty under section 271C of the Income Tax Act, 1961. M/s US Technologies, the appellant challenged the impugned judgment(s) and order(s) passed by the High Court of Kerala at Ernakulam in confirming the levy of interest/penalty under …

WebThe minimum amount of penalty levied is 100% and the maximum amount of penalty levied is 300% of the amount of tax sought to be evaded. The income is generally assessed … 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 …

WebApr 10, 2024 · In all the cases, the Income Tax Officer (ITO) vide order under Section 201 (1A) of the Act levied penal interest for the period of delay in remittance of TDS. Further, …

WebNote : No penalty is imposable for any failure under sections 271 (1) ( b), 271A, 271AA, 271B, 271BA, 271BB, 271C, 271CA, 271D, 271E, 271F, 271FA, 271FAB, 271FB, 271G, 271GA, 271GB, 271H, 271-I, 272A (1) ( c) or ( d ), 272A (2), 272AA (1), 272B, 272BB (1), 272BB (1A), 272BBB (1), 273 (1) (b), 273 (2) (b) and 273 (2) (c) if the person or assessee … easy creamy corn casserole recipeWebApr 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 … cups scottsboro alWebC.Penalty for failure to deduct tax at source u/s 271C Failure to deduct the whole or any part of the tax— • As required under the provisions of Chapter XVIIB, or • As required under section 115 -O(2) or • As per second proviso to section 194B cups royalsWeb1 day ago · The case was selected for scrutiny under CASS and a notice under section 143(2) was served on the assessee on 22.09.2016. The Assessing Officer(AO) passed assessment order u/s.143(3) of the Income Tax Act, 1961. 2.1 The AO has levied penalty u/s.271(1)(c) of the Act. Aggrieved by the penalty order the Assessee had filed appeal … cups scholarWebApr 12, 2024 · Supreme Court Held. The Supreme Court held that section 271C (1) (a) is applicable in case of a failure on the part of the assessee to “deduct” the whole or any part of the tax as required under the provisions of the Act. The words used in Section 271C (1) (a) are very clear, and the relevant words used are “fails to deduct.”. easy creamy corn chowderWebPenalty U/s. 271C Of Income Tax Act Cannot Be Levied For Delay In Remittance Of TDS Already Deducted By Assessee- SC. 11 Apr 2024 11:17:58 cups seattle tennisWebOct 16, 2015 · CIT that, penalty U/s 271C is exigible if delay in remittance of TDS is caused due to unreasonable cause. Brief Facts of the Case: The assessee has delayed in … cups serverkeychain