Section Nature of default Minimuim penalty Maximum penalty
(1) (2) (3) (4)
140 A (3) Failure to pay whole or any part of Such amount os the Assessing Tax in arrears
income tax or interest or both in Officer may impose
accordance with the provisions of [Sec.221(1)]
section 140A(1)
158BFA Failure to furnish in time return of Amount of tax leviable 300 per cent of the amount
total income including undisclosed of tax leviable
income in respect of search initiated
Under section 132/132A after
December 31,1997
221(1) Default in making payment of tax Such amount as the Assessing Tax in arrears
within prescribed time Officer may impose
270A Penalty for under-reporting and 50 per cent of tax payable on
misreporting of income (applicable under-reported income (200 -
from the assessment year 2017-18) per cent of such tax in the case
of misreporting of income
271(1)(b) Failure to comply with a notice Rs.10,000 for each failure Rs.10,000 for each failure
under sections
115WD(2),115WE(2),142(1),143(2)
or with a direction issued under
section 142(2A)(applicable up to the
assessment year 2016-17)
271(1)(c) Concealment of particulars of 100% of tax sought to be 300% of amount of tax
income or fringe benefits or evaded sought to be evaded
furnishing of inaccurate particulars
of income or fringe
benefits(applicable up to the
assessment year 2016-17
271(4) Distribution of profit by registered Up to per cent of the 150 per cent of such
firm otherwise than in accordance difference between tax on difference
with partnership deed and as a partner’s income assessed and
result of which partner has returned tax as income returned
income below the real
income(applicable up to the
assessment year 2016-17)
271A Failure to keep or maintain books of Rs.25.000 Rs.25,000
account,documents,etc.,as required
section 44AA
271AA(1) Failure to keep and maintain 2per cent of the value of each
information and document in international transaction
respect of international/specified __
domestic transactions of failure to
the report international /specified
domestic transactions or furnishing
of incorrect information
271AA(2) Failure to furnish information Rs.5,00,000
document as required under section __
92D(4)(applicable from the
assessment year 2017-18)
271AAA Undisclosed income in the case of See para 138.2-2
search (applicable if search is __
initiated on or after June 1, 2007 but
before July 1,2012)
271AAB Undisclosed income in the case of See para 138.2-3
search(applicable if search is __
initiated on or after July 1,2012)
271AAC Income determined by Assessing
Officer[or Joint Commissioner
(Appeals
