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Prosecution Essay

  • Submitted by: aashu1987
  • on October 28, 2011
  • Category: Miscellaneous
  • Length: 7,635 words

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Below is an essay on "Prosecution" from Anti Essays, your source for research papers, essays, and term paper examples.

Penalties under Income Tax Act

Section | Nature of Default | Basis of Charge | Quantum of penalty |
221(1) | Failure to pay tax; i.e., non-payment of tax required by notice u/s. 156. | -- | Amount of tax in arrears |
271(1)(b) | Non-compliance with notice u/s. 142(1) to file returns or to produce documents required by assessing officer or u/s. 143(2) to produce evidence on which assessee relies or u/s. 142(2A) to get accounts audited. | -- | Rs. 10,000 |
271(1)(c) | Concealment of the particulars of income, or furnishing inaccurate particulars thereof. | Tax sought to be evaded | 100 % to 300 % of tax sought to be evaded |
271A | Failure to maintain books or documents u/s. 44AA. | -- | Rs. 25,000 |
271AA | Failure to keep and maintain information and documents u/s. 92D. | International transaction | 2% of International transaction |
271B | Failure to get accounts audited and furnish Tax Audit Report as required u/s. 44AB. | Total Sales, Turnover, or Gross Receipts | 0.5% of total sales, turnover or gross receipts, or Rs. 1,00,000 whichever is less |
271BA | Failure to furnish a report as required u/s. 92E. | -- | Rs. 1,00,000 |
271C | Failure to deduct the whole or part of the tax as required by or under Chapter XVII-B (Ss. 192 to 196D) or failure to pay the whole or part of tax u/s. 115-O. | Tax failed to be deducted | Equal to the amount failed to be deducted |
271D | Contravention of the provisions of S. 269SS; i.e., by taking or accepting any loan or deposit otherwise than by ways specified therein. | Amount of loan or deposit so taken or accepted | Equal to the amount of loan or deposit so taken or accepted |
271E | Contravention of S. 269T; i.e. repayment of any deposit otherwise than by modes specified therein. | Amount of deposit so repaid | Equal to the amount of deposit so repaid |
271F | Failure to furnish Return of Income under sub-section (1) of S. 139 before the end of the relevant Assessment Year. | -- | Rs. 5,000 |

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"Prosecution". Anti Essays. 16 Dec. 2018


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Prosecution. Anti Essays. Retrieved December 16, 2018, from the World Wide Web: https://www.antiessays.com/free-essays/Prosecution-122243.html