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
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