Penalties Imposable Under Income Tax Law (As Amended by Finance Act, 2023)

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Description
Under the Income-tax Act, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory and a few are at the discretion of the tax authorities. This book is about the provisions relating to various penalties leviable under the Income-tax Act. As a matter of fact, violation of the rules or statutory provisions of any kind is almost the order of the day, more particularly in this country. That apart, certain unintended defaults may be committed even by right thinking persons, even though they may be intending to be on the right side of law. It is this factor which is the reason behind so many of the provisions in fiscal enactments being meant for imposing adverse penal consequences against violation of the rules which ought to be followed. Income Tax Act could not have been an exception and, therefore, a whole Chapter XXI, entitled "Penalties Imposable" and comprising as many as more than 38 Sections [spread between sections 270 to 275] are devoted thereto. As Income Tax Act provides for various kinds of statutory, procedural or other obligations, corresponding penalties for not meeting out each of such obligations have been duly provided. This is why the number of penalty provisions is so large. This entire book has been devised with a view to providing a thorough and analytical study of the related provisions which are generally sought to be invoked by tax authorities while making assessment pursuant to a search or survey or at the time of completing a scrutiny assessment under the Income Tax Act, 1961.
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Contents
Chapter 01  :  Introduction
Chapter 02  :  Mens Rea and Onus or Burden of Proof
Chapter 03  :  Failure to pay wholly or partly
Chapter 04  :  Penalty for Default in Making payment of tax
Chapter 05  :  Penalty for under-reporting and misreporting of income
Chapter 06  :  Immunity from imposition of penalty, etc.
Chapter 07  :  Penalty for failure to comply with notice issued under section 142(1) or 143(2) or direction for
                         audit under section
Chapter 08  :  Penalty for Concealment of income
Chapter 09  :  Penalty for failure to keep, maintain, or retain books of account, documents, etc., as required
                         under section 44AA
Chapter 10  :  Penalty for failure to keep and maintain information and document etc. in respect of
                         international transaction or specified domestic transaction
Chapter 11  :  Penalty for undisclosed income in search cases
Chapter 12  :  Penalty for undisclosed income in search cases
Chapter 13  :  Penalty in case of income from undisclosed sources
Chapter 14  :  Penalty for false entry, etc., in books of account
Chapter 15  :  Benefits to related persons
Chapter 16  :  Failure to get accounts audited or furnish a report of audit as required under section 44AB
Chapter 17  :  Penalty for failure to furnish a report from an accountant as required by section 92E
Chapter 18  :  Failure to subscribe to the eligible issue of capital
Chapter 19  :  Penalty for failure to deduct tax at source
Chapter 20  :  Penalty for failure to collect tax at source
Chapter 21  :  Penalty for failure to comply with the provisions of section 269SS
Chapter 22  :  Penalty for failure to comply with the provisions of section 269ST
Chapter 23  :  Penalty for failure to provide facility to pay through prescribed Electronic Modes
Chapter 25  :  Penalty for failure to comply with the Provisions of Sec
Chapter 25  :  Penalty for failure to Furnish Return of Income
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Author Details
Ram Dutt Sharma was born on 27th June, 1958 in Narnaul, Haryana. He got rds post-graduation from M.D. University, Rohtak in 1980. He joined the Income-tax Department in the year 1983and retiredas Income Tax Officer on 30.06.2018. He worked at various stations of North-West Region of Income-tax Department. He has wide experience of all wings of Income-tax Department such as Assessment Unit, Special Range, TDS Wing, Investigation Wing, etc. He has been Contributing articles and addressing on topics relating to Income Tax at Direct Tax, Regional Training Institute, Chandigarh. He has also addressed number of seminars organized by the Income-tax Department, Chartered Accountants, Advocates and various Trade Associations.