What is U S 271 1 C?

Section 271(1)(c) cast responsibility upon the AO to reach the clear finding with respect to levy of penalty under the specific charge and if the AO fails to do so then the penalty cannot be levied as such penalty order shall not be maintainable in the eyes of law.

What is maximum penalty under section 271F?

Rs 10,000 Penalty if Not Filed ITR upto 31st December, 2019 Income Tax – As we all are aware that the Finance Act, 2018 has made a tremendous amendment in Section 271F.

What is the penalty for concealment of income?

Section 270A provides that penalty to be levied shall be 50% of amount of tax payable on under- reported income. In case under-reported income is in consequence of any misreporting, the penalty shall be 200% of tax payable on under-reported income.

What is 11C or N11C?

While making Tax payment of Penalty online, The bank site is asking to fill up penalty payment code as 11c or N11c…. Code 11C is for Penalty Order u/s 271(1) (c) and N11C is for Order Other than u/s 271(1) (c).

Can penalty US 271 1 )( C in Favour of taxpayers?

3. The impugned order of the Tribunal deleted the penalty imposed upon the Respondent-Assessee. This by holding that the initiation of penalty under Section 271 (1)(c) of the Act by Assessing Officer was for furnishing inaccurate particulars of income while the order imposing penalty is for concealment of income.

What is 271F of Income Tax Act?

271F where the assessee establishes a reasonable cause for failure referred to in said section. In the given facts, ITAT find that there was a reasonable cause with the assessee for non filing of Income Tax Return. This being the position, the case gets covered u/s 273B of the Act.

What is the time limit for imposing penalty?

After the amendment in section 275 in the Finance Act, 2002, the time limit of imposition of penalty is restricted to one year from the end of the financial year in which the order of the CIT(A) is received by the concerned CIT or CCIT if the assessment is subject matter of appeal.

What is late filing penalty?

The Failure to File Penalty is 5% of the unpaid taxes for each month or part of a month that a tax return is late. The penalty won’t exceed 25% of your unpaid taxes.