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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>CBDT Aligns Penalty Guidelines for Income-tax and Wealth-tax Acts u/s 140A(3) and Section 15B(3) Respectively.</h1> The circular addresses the imposition of penalties under Section 140A(3) of the Income-tax Act, 1961, and Section 15B(3) of the Wealth-tax Act, 1957. It highlights that Section 15B(3) allows for penalties for non-payment of taxes as per Section 15B(1). The Central Board of Direct Taxes (CBDT) has decided that the guidelines outlined in Instruction No. 389, dated March 13, 1972, regarding penalties under the Income-tax Act, will similarly apply to Section 15B of the Wealth-tax Act. Officers are instructed to disseminate this information accordingly.
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