TaxTMI 
TaxTMI 
Summary chart for Penalties in Income Tax
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.... and misreporting of income. Under-reporting - 50% of the amount of tax payable on under-reported income Misreporting - 200% of the amount of tax payable if the under-reported income is in consequence of any misreporting of income. 271A Penalty levied by AO or JC(A) & CIT(A). Failure to keep, maintain, or retain books of account, documents, etc., as required by section 44AA or failure to retain such books of accounts or documents for the period specified in section 44AA. Rs.25,000. 271AA Penalty levied by AO & CIT(A). In respect of international transaction or specified domestic transaction: * Failure to keep and maintain any such information and document as required by section 92D(1) or section 92D(2). * Failure to repor....
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....applied in case of 1st time violation, 200% of Amount applied in case of subsequent violation. 271B Penalty levied by AO. Failure to get accounts audited or furnish a report of audit as required under section 44AB. 0.50% of total sales, turnover, or gross receipts, etc., or Rs.1,50,000, whichever is less. 271BA Penalty levied by AO. Failure to furnish a report from an Chartered Accountant as required by section 92E Rs.1,00,000. 271C Penalty levied by Joint Commissioner. For. - * Failure to deduct the whole or part of tax deducted at source tax at source (TDS). * pay or ensure payment of, the whole or any part of the tax as required by or under * (i) section 115O(2); * (ii) the proviso to section 194B, * ....
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....le SFTRA by a notice under section 285BA(5). However on failure to file the same after expiry of notice, penalty would be Rs.1,000 per day of notice. 271FAA Penalty levied by prescribed IT Authority. Furnishing inaccurate statement of financial transaction or reportable account Rs. 50,000 or to retain out of any moneys that may be in its possession, or may come to it from every such reportable account holder, an amount equal to the sum so paid."[Amended by FA, 2023] 271FAB If any eligible investment fund which is required to furnish a statement or any information or document, as required under section 9A(5) fails to furnish such statement or information or document within the time prescribed under that sub-section. The income-tax ....
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.... day for which the failure continues, if the period of failure does not exceed three months; or (b) one lakh rupees in any other case. 271H Penalty levied by AO. For, - * Failure to deliver the quarterly returns of TDS/ TCS within the time prescribed * Furnishing incorrect information in the quarterly returns of TDS/ TCS. Penalty minimum Rs. 10,000 and maximum up to Rs. 1,00,000. Note: Upto 31.03.2025 - No penalty for failure to deliver quarterly returns of TDS/ TCS in time, if quarterly return submitted before the expiry of one year from time prescribed and Fees under section 234E and interest under section 201(1A) paid. From 01.04.2025 - No penalty for failure to deliver quarterly returns of TDS/ TCS in time, if quarterly ....
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....section 143(2) or fails to comply with a direction issued under of section 142(2A), Rs.10,000 for each failure or default. 272A(2) * Failure to comply with a notice issued under section 94(6); * Failure to give notice of discontinuance of business or profession under section 176(3); * Failure to furnish in due time any of the returns, statements or particulars mentioned in under section 133 or section 206 or section 206C or section 285B * Failure to allow inspection of any register referred to in section 134 or of any entry in such register or to allow copies of such register or of any entry therein to be taken; * Failure to furnish the return within the time allowed and in the manner required unde....
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....ty shall be levied under this section for the failure referred to in clause (k), if such failure relates to a statement referred to in section 200(3) or the proviso to section 206C(3) which is to be delivered or caused to be delivered for tax deducted at source or tax collected at source, as the case may be, on or after the 1st day of July, 2012. 272AA Failure to comply with section 133B regarding the powers of collecting certain information from the place of business or profession. Such amount as the income tax authority may direct not exceeding Rs. 1,000. 272B(1) Failure to comply with the provisions section 139A. i.e. PAN. Rs.10,000 Fixed 272B(2) * Failure to quote permanent account number in any document required; or ....