Tag Archives: Penalty

Analysis with Examples section 270A of Income Tax -200% Penalty

Analysis with Examples section 270A  of Income Tax -200% Penalty Presently, section 271(1)(c) of Income Tax Act, inter alia provides penalty for concealment of income or furnishing of inaccurate particulars of income. Finance Act, 2016 replaces the section 271 of Income Tax Act by section 270A and provides penalty for underreporting and misreporting of income… Read More »

Section 270A of Income Tax Act -200% Penalty

Section 270A of Income Tax Act  [ Inserted by Section 98 of Finance Act 2016 ] Insertion of new section 270A. 98. After section 270 of the Income-tax Act [as it stood immediately before its omission by section 105 of the Direct Tax Laws (Amendment) Act, 1987], the following section shall be inserted with effect… Read More »

How much Taxes to be Paid if you Deposit Undisclosed Income in Bank Account

How much Taxes to be Paid if you Deposit Undisclosed Income in Bank Account When any person deposit cash into bank account from undisclosed Income then Entire amount deposited is chargeable to Income Tax at maximum rate without the benefits of Income Tax Slab Rates. This undisclosed income will be treated as under reported income.… Read More »

RBI Framework for penalty/fine on Banks under section 30 of the PSS Act

Framework for imposing monetary penalty on Authorised Payment Systems Operators / banks under Payment and Settlement Systems Act, 2007 RBI/2016-17/97 DPSS.CO.OD. No.1082/06.08.005/2016-17 October 20, 2016 To, Authorised Payment system operators / banks Dear Sir/Madam, Framework for imposing monetary penalty on Authorised Payment Systems Operators / banks under Payment and Settlement Systems Act, 2007 The Payment… Read More »

Date of failure is relevant for the purpose of Imposing penalty : Supreme Court

Facts of the Case :- Initial Summons to the Respondent was dated 23.7.2002.   (Thus SEBI’s summons to respondent to furnish required documents prior to 29-10-2002.) The Respondent sought time till 20.8.2002 to provide the documents and information sought by the Appellant, and thereafter sought further time till 31.8.2002 and then 30.9.2002.SEBI sent a reminder letter… Read More »

Penalty under FEMA

Penalty under FEMA Penalty that can be imposed under FEMA The penalty can be upto thrice the sum involved in such contravention where the amount is quantifiable. If the amount is not quantifiable, penalty upto Rs. two lakhs can be imposed. If contravention is of continuing nature, further penalty upto Rs. 5,000 per day during… Read More »