site stats

Penalty 271c

WebApr 10, 2024 · SC holds Sec.271C penalty inapplicable on belated remittance of TDS; Adopts literal interpretation. Apr 10, 2024. . Simply Register/Sign In to access the free … WebApr 10, 2024 · SC holds Sec.271C penalty inapplicable on belated remittance of TDS; Adopts literal interpretation Apr 10, 2024 Simply Register/Sign In to access the free content across the portals!

Penalty u/s. 271(1)(b) not leviable as non-compliance was due to ...

Penalty under Section 271C will be imposed in the following circumstances: 1. Failure to deduct tax at source. 2. Failure to pay dividend distribution tax on the dividends distributed. 3. Failure to remit taxes which were imposed on the basis of winnings from lottery or crossword puzzles. 4. Failure to collect tax at … See more Section 194B of the Income Tax Act relates to income tax on prizes. Section 194B provides that TDS at a rate of 30% should be deducted on any prize money in excess of Rs. 10,000. … See more As a basic norm, penalties needn’t be imposed if the concerned person states a reasonable cause for the default. The following are some of … See more The maximum amount of penalty under Section 271C is the amount of tax which the taxpayer failed to deduct or pay as required under TDS regulations. See more 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 deducted at source (TDS) after its ... perrybrook brockworth https://jrwebsterhouse.com

FAQs on Penalties under the Income Tax Act 1961

WebMar 29, 2024 · We find the JCIT in the instant case levied penalty of Rs.98,92,242/- u/s 271C on the ground that the assessee has not deducted TDS on certain expenses for which provision of Rs.9,92,66459/- was created in its books of account. WebRT @BimalGST: Sec. 271C penalty can’t be imposed for belated or non-payment of TDS: Supreme Court [2024] 149 taxmann. com 144 (SC) 11 Apr 2024 10:57:45 WebApr 10, 2024 · It noted the relevant words used in section 271C (1)(a) are ‘fails to deduct’ and it does not speak about belated remittance of the TDS. “Therefore, on true … perrybrook shared ownership

Draconian provisions of penalty & prosecution of TDS/TCS

Category:No penalty shall be leviable under section 271C of IT Act for mere ...

Tags:Penalty 271c

Penalty 271c

What are the consequences a deductor would face if he fails to …

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 · 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 …

Penalty 271c

Did you know?

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 … WebApr 15, 2024 · “Therefore, on plain reading of Section 271C of the Act, 1961, there shall not be penalty leviable on belated remittance of the TDS after the same is deducted by the …

WebApr 16, 2024 · 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 provision to be mandatory or compensatory or automatic because under Section 273B Parliament has enacted that penalty shall not be imposed in cases falling there under. 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 …

WebFeb 9, 2024 · Since, assessee has failed to deduct the TDS; therefore, it is liable for penalty under section 271C of the Act. WebNov 15, 2024 · From the above it is apparent that the penalty u/s 271C can be levied only for non-deduction. In case of failure to pay the tax as required u/s. 115-O (2) and Second …

WebMar 16, 2024 · Penalty u/s 271C is payable only where a person fails to deduct the tax as required to be deducted. The amount of penalty payable u/s. 271C is equal to the amount of the tax which the person has failed to deduct. Penalty u/s. 271C is not imposable if the Assessee proves the reasonable cause u/s 273B for the failure of the person to deduct TDS.

WebApr 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. … perry\u0027s steakhouse the domain austinWebJan 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 … perry\u0027s steakhouse the woodlands menuWebWith effect from assessment year 2015-16 a new section 271FAA has been inserted to provide for a penalty of Rs. 50,000 for furnishing inaccurate statement of financial transaction or reportable account in certain cases. 3. With effect from 1-10-2014 TPO can also levy penalty. 4. perrybrook shibasWeb271C: Failure to deduct tax at source, wholly or partly, under sections 192 to 196D (Chapter XVII-B) ... Penalty of default in submission of statement/certificate prescribed under … perrybrook brockworth site planperrycemeterydataWebFeb 2, 2024 · The penalty under section 271C is applicable under the following conditions – The person fails to deduct, the whole or part of, tax at source (i.e. TDS). The person fails … perrybrook gloucesterWebApr 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 … perrycraft dsxx55-a