IMPORTANT PENALTIES
SECTION PARTICLARS PENALTY
Sec 270A Under Reporting of Income Underreporting – 50% of Tax on URI
Misreporting – 200% of Tax on URI
Sec 271AAB Undisclosed income found in search 30%/60% of Undisclosed Income
30% if all conditions satisfied:-
• Assessee admits the income
• Explains the nature & source
• Pays tax along with interest
• Disclosed such income in ROI
Sec 271AAB Unaccounted income u/s 68 to 69D 10% of tax u/s 115 BBE
Sec 271AAD False entry or omission in Books to 100% of such false entry or omission
evade tax
Sec 221(1) Failure to pay tax, TDS,TCS, Demands Maximum up to amount of tax in arrears
Sec 271A Failure to keep or maintain Books of Rs. 25,000
accounts u/s 44AA
Sec 271B Failure to get accounts audited u/s 0.5% Of turnover / Gross receipt
44AB [Max = Rs. 1,50,000]
Sec 271D Fails to comply with Section 269 SS 100% of amount of load /deposit taken
Sec 271DA Fails to comply with Section 269 ST 100% of amount received
Sec 271E Fails to comply with Section 269 T 100% of amount of loan/deposits repaid
Sec 271AA Transfer pricing: 2% of value of such transaction
- Fails to keep & maintain documents
u/s 92D
- Fails to report international
transactions
- Fails to furnish document when
required by AO
- Maintains /furnishes incorrect
information
Sec 271BA Failure to furnish audit report u/s 92E Rs. 1,00,000
Sec 271FA Fails to furnish SFT within Due date • Rs. 500 Per day till the period specified in
st
(31 May of next FY) the notice
• Rs. 1000 Per day after expiry of notice
Sec 271FAA Furnishes inaccurate information in Rs. 50,000
SFT
Sec 272B Fails to Quote Pan or Quotes incorrect Rs. 10,000 for each such default
PAN u/s 139A
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