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Income tax penalty u/s 271c

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 271C for delayed remittance, payment, or deposit of the TDS. The court stated, asserting the CBDT’s Circular No. 551 dated January 23, 1998. The assessee was not required to pay … 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 …

Mere belated TDS Remittance won

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 … 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 … can single row functions be nested https://promotionglobalsolutions.com

Penalty u/s 271(1)(c) – Digest of case laws

WebApr 12, 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 … 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 WebApr 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 TDS. On 09.10.2003, the Additional Commissioner of Income Tax issued a show cause notice proposing to levy penalty under Section 271C of the amount equal to TDS. flanshaw carpets

Penalty u/s. 271(1)(C) - CAclubindia

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Income tax penalty u/s 271c

Income Tax - Penalty u/s 271C - failure on the part of the assessee …

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? 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 …

Income tax penalty u/s 271c

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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 source (TDS) after its deduction by the assessee concerned. The top court noted that section 271C of the Act deals with penalty for failure to deduct TDS. 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 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 the tax deducted at source (TDS ... 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 …

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 … 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 …

WebJan 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 …

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 flanshaw business park wakefieldWebPenalty 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 … flanshaw business park wakefield postcodeWebNov 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. … flanshaw care homeWebSep 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 … flanshaw groveWebApr 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 … flanshaw crescent wakefieldWebSep 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 … can single user tally on multiple computersWebProvided  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 … can single women have ivf on nhs