How much penalty is liable to be imposed under section 272 B of the Income Tax Act 1961 if person hold to pan?
According to Section 272B of Income Tax Act- The imposition of the fine of Rs. 10,000 upon failure to comply with section 139A and moreover any person when asked to quote his Permanent Account Number and quotes false Permanent Account Number shall also be fined by the Assessing Officer.
What is income u/s 2 of the Income Tax Act?
Definition of INCOME under Income Tax [Section 2(24)] As such contributions received by following types of trusts, funds, associations, bodies etc. are included in the income of such bodies. Contributions received by a trust created wholly or partly for charitable or religious purposes.
What are the different penalties that can be imposed under the Income Tax Act 1961?
Penalty Under Income Tax Act
| Sl No | Penalty |
|---|---|
| 5) | 50% of the amount of tax payable on under-reported income. 200% of the amount of tax payable on under-reported income |
| 6) | Rs.10,000 for every failure |
| 7) | Minimum:100% of tax sought to be evaded. Maximum: 300% of tax sought to be evaded |
| 8) | Maximum-150% of the tax avoided |
What is time limit for imposing penalty under the Income Tax Act 1961?
six months
(c) in any other case, after the expiry of the financial year in which the proceedings, in the course of which action for the imposition of penalty has been initiated, are completed, or six months from the end of the month in which action for imposition of penalty is initiated, whichever period expires later.]
What is Section 272B of Income Tax Act?
“272B. Penalty for failure to comply with the provisions of section 139A—(1) If a person fails to comply with the provisions of section 139A, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of ten thousand rupees.
What is income under the Income Tax Act 1961?
As per the Income Tax Act 1961, the total income of the previous year for a person who is a resident of India will include all his income irrespective of the source of that income which is either received or has accrued in India in the previous year.
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