Income tax penalty u/s 271c

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August undefined, 2024

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 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 …

Mere delay in remittance of TDS doesn’t attract penalty u/s 271C …

WebIncome Tax Levy of penalty u/s 271C - delay in deposit of Tax deducted at source (TDS) - Section 271C(1)(a) shall be applicable in case of a failure on the part of the concerned … 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 … on this day in tennis history

Penalty U/s 271C exigible if delay in remittance of TDS for ...

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 … 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 … 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 … iosh the grange

Income tax notice under section 271 and How To Tackle it

US Technologies International Pvt. Ltd. Vs. The Commissioner of Income Tax

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 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 ... iosh three knowledge testsWebApr 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 … on this day in sports history march 26

"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: … " - Income tax penalty u/s 271c

Income tax penalty u/s 271c

Penalty order u/s 271(1)(c) issued without striking off irrelevant …

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 … 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 …

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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 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.

WebNov 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. … 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 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 … WebOct 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 …

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).

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. on this day in sports history may 11WebApr 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 … on this day in sports history ukWebJan 3, 2024 · Assessee had furnished complete details as regards its claim of deduction under Sec. 80IB (4) of the Act, thus merely for the reason that the said claim of deduction … on this day in uk history 1902WebProvided Â that no penalty shall be levied in respect of income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D to the extent such … on this day in the city of davidWebApr 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 … on this day in technologyWebPenalty 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? iosh the healthy profitWeb1. 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. on this day in uk history 1915