WebApr 29, 2014 · The penalty under consideration was imposed...penalty was exigible under section 271B of the Income-tax Act.3. Both the parties were heard. There is no dispute about the fact that the audit report was obtained before the specified date...mere fact that it has been filed belatedly along with the belated return of income, would not attract ... WebOct 13, 2007 · The assessee should retain the report with himself. It may be furnished in original during the assessment proceedings. No penalty under section 271B shall be …
Penalty under section 271A on failure to maintain books ... - The Tax …
Web2 days ago · Thus, the AO initiated penalty proceedings under section 271B of the Income Tax Act for not getting the accounts audited. Against the order assesee filed an appeal before the first appellate authority. The CIT(A), rejected the contention of the assessee and confirmed imposition of penalty under Section 271B of the Income Tax Act. WebFurther, this section is not valid if the persons involved in such transactions are receiving agricultural income and neither of them is taxable under the Act. Amount of Penalty. For defaults under Section 271B, an assessee will be penalized with an amount which is equal to the loan or deposits are taken or accepted. Limitation of Penalty ... clinica jesus maria turnos
ITAT: No Tax Penalty U/S 271B If Audit Report & ITR Submitted …
Web10% of tax payable under section 115BBE. 271AAD: Penalty, if during any proceedings under the Act, it is found that in the books of accounts maintained by assessee, there is: a) A false entry; or. b) Any entry relevant for computation of total income of such person has been omitted to evade tax liability. 100% of such false entries or omitted ... WebSection 271B of the Income Tax Act provides penalty in case a tax payer required to get his accounts auidted u/s44AB does not comply with section 44AB or fails to furnish the audit … WebDec 5, 2016 · Penalty under Section 271B - Default in Tax Audit: If during the assessment proceedings, it is found that an assessee were supposed to get his accounts audited under section 44AB, but fails to do so, then penalty under section 271B of the Act will be imposed. 4. Penalty under Section 271C - Default in deducting tax at source: clinica jerusalem guadalupe