Tag Archives: Penalty

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

By | November 14, 2016

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 »

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

By | November 11, 2016

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

By | October 21, 2016

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 »

Section 271C Penalty on ” Aishwarya Rai ” deleted due to CA certificate

By | April 27, 2016

Facts of the Case Assessee is an individual. Assessee had remitted an amount of U.S. $ 77,500, to Ms. Simone Sheffield, resident of U.S.A. without deduction of tax under section 195 of the Act, It was submitted by the Assessee that the payment made made maintenance of website and other allied services rendered to the… Read More »

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

By | November 27, 2015

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

By | August 14, 2015

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 »