Income tax penalty u/s 271c

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August undefined, 2024

WebSep 7, 2024 · 3.Penalty u/s 271 (1) (c) of Rs.4,60,000 was levied vide order dated 26/04/2024. 4.On appeal CIT (A) deleted the Penalty on the sole ground taken regarding … 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 …

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

WebPenalty 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? 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. ctbw

No Penalty For Failure To Deduct Tax At Source If Assessee

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 10, 2024 · The Hon’ble Supreme Court opined that on true interpretation of Section 271C, there shall not be any penalty u/s 271C on mere delay in remittance of the TDS after … 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 … ear spears

penalty u/s 221 and 271C [Resolved] Income Tax - CAclubindia

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 … The penalty under section 271C is applicable under the following conditions – 1. The person fails to deduct, the whole or part of, tax at source (i.e. TDS). 2. The person fails to pay, the whole or part of, Dividend Distribution … See more In case of default, the penalty under section 271Cis leviable to the extent of an amount equal to TDS not deducted / not paid. See more Q 1. What is Chapter XVIIB? Ans:Chapter XVII of the Income Tax Act covers provisions relating to ‘Collection and recovery of tax’. Part B of Chapter XVII (i.e. Chapter XVIIB) covers … See more ctb waltershofer dammWebC.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 ctb wert

"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 … " - Income tax penalty u/s 271c

Income tax penalty u/s 271c

No Section 271C Penalty on mere belated TDS …

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: … 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 …

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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 … 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.

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.”. 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 …

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. … 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

WebSep 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 …

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 … ear speakers stage monitorsWebApr 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 … ctb webメール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 … ctbwf.comWebMar 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 … ear specialist in suvaWebNov 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 … ctbx incWebApr 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). ctbw_get_classify_dataWebApr 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. The High Court vide impugned judgment and order has dismissed the appeal preferred by the assessee by holding that failure to deduct/remit the TDS would attract a penalty under … ear specialist in las vegas