Penalty under section 271c
WebJan 24, 2024 · Section 271C of the IT Act provides that if any person fails to deduct the whole or part of the tax as required in terms of the Act, then such person shall be liable to … 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 ...
Penalty under section 271c
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WebJul 5, 2024 · Thus, notice under Section 271 (1) (c) r.w.s. 274 of the Act itself is bad in law. Merely because the assessee claimed the expenditure by virtue of a change of head of … Web10% of tax payable under section 115BBE. 271AAD: Penalty, if during any proceedings under the Act, it is found that in the books of accounts maintained by assessee, there is: a) A false entry; or ... 271C: Failure to deduct tax at source, wholly or partly, under sections 192 to 196D (Chapter XVII-B) ...
WebApr 10, 2024 · While allowing the assessee to appeal against the Kerala High Court (HC) judgment on the interpretation of Section 271C of the Income-Tax (I-T) Act, a Bench of Justices M R Shah and C T Ravikumar held that on “mere belated remitting the TDS after deducting the same by the assesse shall not attract penalty under the said Section”. WebApr 11, 2013 · Section 271C. If any person fails to deduct the whole or any part of the tax as required by or under the provisions of Chapter XVII-B then, such person shall be liable to pay, by way of penalty, a sum equal to the amount of tax which such person failed to deduct or pay as aforesaid.This penalty is imposable by Joint Commissioner.
WebJul 21, 2024 · Assessee has challenged levy of penalty u/s 271C mainly on the following grounds:-. I. “That the Commissioner of Income Tax Appeals [‘CIT (A)’] erred on facts and … WebApr 16, 2024 · Section 273B of the Income Tax Act provides that no penalty under section 271C shall be imposable on the person or the assessee as the case may be, for any failure referred to in the said provisions, if he proves that there was reasonable cause for the said failure. The circumstances explained by the learned counsel for the assessee clearly ...
WebFeb 9, 2024 · Similarly para no. 11 in the case RPS Infrastructure Ltd ( Supra) is also reproduced below where in the question of justification of penalty under Section 271C of the Act was also examined; “11. We have heard the rival submissions, perused the relevant findings given in the orders passed by the authorities below and the various judgments …
WebC. 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 • Penalty of the sum equal to the amount of tax which was gowork bsd green office parkWebNov 19, 2015 · Thus Section 271C(1)(a) makes it clear that the penalty leviable shall be equal to the amount of tax which such person failed to deduct. We cannot hold this … children who write bookschildren wikipediaWebApr 15, 2024 · Before charging any penalty under section 221(1), an opportunity shall be provided to the taxpayer of being heard. ... If any taxpayer fails to pay whole or part of the tax as per section 194B than, such person shall be liable to pay the penalty under section 271C of an amount equal to tax not paid. Penalty for failure to collect tax at source ; gowork carlsbergWebMar 16, 2009 · 16 March 2009 Please note that penalty under both these sections can not be imposed at the same time. Difference between both these sections are as below: 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 into force both at the … children wife and kidsWebApr 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 … children will be taught basic lifesavingWebApr 11, 2024 · New Delhi, Apr 10 (PTI) 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. children will be taught basic