Income tax penalty u/s 271c

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August undefined, 2024

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 … 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 …

Income tax notice under section 271 and How To Tackle it

WebMar 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 … 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: … research paper on astronomy

Whether penalty can be levied u/s 271C for mere delayed payment

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 … 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 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.”. research paper on bank management system

Mere Delay In Remittance Of TDS Doesn’t Attract Penalty Under S 271C …

Penalties and Prosecutions

WebApr 10, 2024 · New Delhi: The Supreme Court Monday held that no penalty shall be leviable under section 271C of the Income Tax Act over mere belated remittance of the tax … 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 … research paper on balanced scorecardWebNov 19, 2015 · Indian Income Tax Act, 1961, mandates that a specified percentage of Tax is required to be deducted by the payer at the time of making certain payments to the payee. … pros of google analytics

"WebC.Penalty for failure to collect tax at source u/s 271CA Failure to collect the whole or any part of the tax under the provisions of Chapter XVIIBB. Penalty of the sum equal to the amount of tax which was failed to be collected shall be payable . Any penalty imposable under sub-section (1) shall be imposed by the Joint Commissioner. CA Anil Sathe " - Income tax penalty u/s 271c

Income tax penalty u/s 271c

Mrs. Sonal Shah, Mumbai vs Joint Commissioner Of Income Tax …

WebMar 16, 2009 · 1. Penalty u/s 221 is imposed by AO while by Joint Comm. u/s 271C. 2. Section 221 comes into play only when there is a defaul in payment while 271C comes … WebPenalty u/s. 271(1)(c): Initiation, Satisfaction & Levy – The Unwritten Mandates Section 271(1)(c) of the Income-tax Act, 1961 prescribes two faults or omissions which exposes …

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WebApr 10, 2024 · The Supreme Court Monday held that no penalty shall be leviable under section 271C of the Income Tax Act over mere belated remittance of the tax deducted at source (TDS) after its deduction by the ...

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 … WebApr 11, 2024 · Further, penalty proceedings were also initiated u/s 271C of the Act i.e. penalty for failure to deduct tax at source and subsequently order was passed levying a penalty equivalent to the amount of TDS. Aggrieved by such penalty order, the Assessee preferred an appeal before CIT (A) however, the same was dismissed by CIT (A).

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 … WebApr 10, 2024 · The Supreme Court Monday held that no penalty shall be leviable under section 271C of the Income Tax Act over mere belated remittance of the tax deducted at source (TDS) after its deduction by the assessee concerned. The top court noted that section 271C of the Act deals with penalty for failure to deduct TDS.

WebSection 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 …

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 TDS. On 09.10.2003, the Additional Commissioner of Income Tax issued a show cause notice proposing to levy penalty under Section 271C of the amount equal to TDS. research paper on banking and financeWebApr 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 … pros of going greenWebSep 7, 2024 · Penalty u/s 271 (1) (c) Query asked by ANKUR AGRAWAL Post a comment 1.Assessment was completed u/s 143 (3)/147 making additions on account of discrepancies found in survey on account of Cash in hand and Stock in trade etc. 2.On appeal the additions made by A.O. were confirmed by CIT (A) vide order dated 06/02/2024 … pros of google driveWebApr 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 pros of going to a hbcuhttp://kb.icai.org/pdfs/PDFFile5b4f18e43e2db4.51472745.pdf research paper on authorWeb3 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. research paper on bangladesh economyWebApr 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 … research paper on battery management system