Income Tax Act Penalties: Late Filing Fees, Misuse Fines, and Donation Statement Penalties Under Sections 271AAE and 271K.

Penalties for trusts and institutions under the Income Tax Act include fees for late filing of income returns and penalties for non-compliance. A fee of Rs. 1,000 is imposed for late returns if income is below Rs. 5,00,000, and Rs. 5,000 if above. Additional penalties apply for continued delays. Section 271AAE imposes penalties for misuse of income by charitable entities, with fines equal to or double the misused amount. Section 271K penalizes failure to submit required donation statements or certificates, with fines ranging from Rs. 10,000 to Rs. 1,00,000 for non-compliance by research associations or institutions.