Section Nature of Default Basis of Charge Quantum of penalty 221(1) Failure to pay tax; i.e., non-payment of tax required by notice u/s. 156. – Amount of tax in arrears 271(1)(b) Non-compliance with notice u/s. 142(1) to file returns or to produce documents required by assessing officer or u/s. 143(2) to produce evidence on which assessee relies or u/s. 142(2A) to get accounts audited. – Rs. 10,000 271(1)(c) Concealment of the particulars of income, or furnishing inaccurate particulars thereof. Tax sought to be evaded 100 % to 300 % of tax sought to be evaded 271A Failure to maintain books or documents u/s. 44AA. – Rs. 25,000 271AA Failure to keep and maintain information and documents u/s. 92D. International transaction 2% of International transaction 271B Failure to get accounts audited and furnish Tax Audit Report as required u/s. 44AB. Total Sales, Turnover, or Gross Receipts 0.5% of total sales, turnover or gross receipts, or Rs. 1,00,000 whichever is less 271BA Failure to furnish a report as required u/s. 92E. – Rs. 1,00,000 271C Failure to deduct the whole or part of the tax as required by or under Chapter XVII-B (Ss. 192 to 196D) or failure to pay the whole or part of tax u/s. 115-O. Tax failed to be deducted Equal to the amount failed to be deducted 271D Contravention of the provisions of S. 269SS; i.e., by taking or accepting any loan or deposit otherwise than by ways specified therein. Amount of loan or deposit so taken or accepted Equal to the amount of loan or deposit so taken or accepted 271E Contravention of S. 269T; i.e. repayment of any deposit otherwise than by modes specified therein. Amount of deposit so repaid Equal to the amount of deposit so repaid 271F Failure to furnish Return of Income under sub-section (1) of S. 139 before the end of the relevant Assessment Year. – Rs. 5,000 Failure to furnish Return of Income under proviso to sub-section (1) of S. 139 by the due date. – Rs. 5,000 271G Failure to furnish information or document u/s. 92D (3). International transaction 2 % of such default. 272A(1) Failure to answer questions, sign statements, attend summons u/s. 131(1), apply for permanent account number u/s. 139A. – Rs. 10,000 272A(2) Failure to: Rs. 100 for every day during which the failure continues. Comply with notice u/s. 94(6) furnishing information regarding securities Give notice of discontinuance of business – S. 176(3) Furnish in due time returns, statements, or particulars u/s. 133, 206 or 285B Allow inspection of any register(s) – S. 134 Furnish returns u/s. 139(4A) Deliver in due time a declaration mentioned in S. 197A Furnish a certificate u/s. 203. Deduct and pay tax u/s. 226(2) Furnish returns/ statements/ certificate u/s. 206C Furnish a statement of particulars of perquisites and profits in lieu of salary u/s. 192(2C) 272AA(1) Failure to furnish the prescribed information required u/s. 133B (Refer to Form No. 45D). – Rs. 1,000 272B Failure to apply for Permanent Account Number (PAN) – Rs. 10,000 272BB(1) Failure to apply for Tax Deduction Account No. (TAN) (S. 203A) – Rs. 10,000 272BBB Failure to apply for Tax Collection Account No. (TCN) – Rs. 10,000
Posted on: Sun, 04 Aug 2013 07:23:59 +0000