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of <h1>Penalties for Non-Compliance, Concealment, and Inaccurate Income Under Income Tax Act Section Provisions</h1> Under the Income Tax Act, if a tax authority is satisfied that a person has failed to comply with specified notices, concealed income or fringe benefits, or furnished inaccurate particulars, the authority may impose penalties. Failure to comply with notices attracts a minimum penalty of ten thousand rupees per failure. Concealment or inaccurate particulars of income or fringe benefits results in a penalty ranging from not less than to up to three times the tax sought to be evaded. Various explanations clarify that failure to furnish returns timely, false or unsubstantiated explanations, undisclosed assets found during searches, and international or specified domestic transactions can lead to deeming income concealed. Penalties for firms are aligned with those for unregistered firms, and improper profit distribution among partners can trigger additional penalties. Certain thresholds and conditions apply for penalty imposition, and the section includes provisions for penalty proceedings initiation and calculation of tax sought to be evaded.
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