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Must Known Income Tax Penalties in India
Below is a list of must known tax penalties in India.
Default |
Relevant Sections of the Act |
Meaning |
Penalty |
Default in Self Assessment Tax |
S.140A(1) S. 221(1) |
It is the tax that is to be paid before filing income tax slab rates that is due after allowing credit for Tax Deducted at Source (TDS), advance tax, etc. along with interest and fee. |
As much amount as may be imposed by the Assessing Officer, after reasonable opportunity to be heard has been given. The penalty cannot exceed the amount of tax in arrears. |
Default in making payment of tax |
S. 221(1) |
Tax becomes payable within 30 days of service of tax demand notice |
-same as above- |
Late filing of TDS/TCS Return |
S. 200(3) S. 206C(3) S. 234E |
|
Failure to file TDS/TCS on or before the due date will attract levy of Rs. 200/- per day until the time of failure continues, not exceeding the amount of TDS/TCS. |
Failure to comply with Income Tax notice |
S. 141(1) S. 143(2) S.142(2A) S. 272A |
Notice may be served to the taxpayer to
|
Shall be liable for a penalty of Rs. 10,000 for each failure |
Concealing income or furnishing wrong details |
S. 270A |
It is the duty of the taxpayer to furnish the correct details of his income on his tax returns. Underreporting or misreporting will be a default under the provisions of the Act. |
50% of tax payable on under-reported income; 200% of tax payable on misreported income |
Non-maintenance of book of accounts |
S. 44A S. 271A |
A taxpayer is required to duly maintain a book of accounts, documents, etc. under the provisions of the Act |
Liable for a penalty of Rs. 25,000 |
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
Vishal Subharwal
Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.
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