CA HARSH GARG - My Tax Support

How to Stay Compliant With Transfer Pricing Documentation Rules

Sections 271AA and 271G of the Income Tax Act, 1961, govern penalties for non-compliance in reporting and documentation requirements related to international transactions. These provisions aim to ensure transparency and compliance in transfer pricing regulations, which are critical for

What You Should Know About Penalties Under Section 271FAA

Section 271FAA of the Income Tax Act, 1961, addresses penalties for furnishing inaccurate information in statements relating to specified financial transactions (SFTs). This provision ensures that reporting entities provide accurate and complete information to tax authorities, enabling effective monitoring

What Investment Funds Should Know About Penalties Under Section 271FAB

Section 271FAB of the Income Tax Act, 1961, imposes penalties on investment funds that fail to furnish prescribed information or documents within the stipulated time. This section aims to ensure transparency and compliance by investment funds in reporting details

What Professionals Should Know About Penalties Under Section 271J

Section 271J of the Income Tax Act, 1961, addresses the imposition of penalties on professionals who furnish incorrect information in reports or certificates. This provision is aimed at ensuring accuracy and accountability in certifications and reports that influence tax

How Section 271H Ensures Timely Filing of TDS/TCS Statements

Section 271H of the Income Tax Act, 1961, provides for penalties in cases where there is a failure to furnish certain statements or reports, such as TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) statements. This

Who Is Liable for Tax Offenses Under Section 278B?

Section 278B of the Income Tax Act, 1961, lays down the framework for holding individuals accountable for offenses committed by companies and Hindu Undivided Families (HUFs). It ensures that responsibility is assigned to those who oversee and control the

Corporate Tax Penalties: What You Need to Know

The Income Tax Act, 1961, imposes stringent penalties and prosecution measures to ensure corporate compliance with tax laws. Companies found in violation of these provisions face severe consequences, ranging from monetary fines to criminal prosecution. This blog provides a

How Taxpayers Can Defend Themselves Under Section 278A

Tax evasion is a serious offense under the Income Tax Act, 1961, and Sections 276C and 276CC provide for stringent prosecution measures to penalize willful defaulters. These sections aim to deter fraudulent practices and ensure compliance with tax laws.

A Complete Guide to Prosecution Under Sections 276C and 276CC

Conditions and Benefits of Immunity Under Section 273AA

Section 273AA of the Income Tax Act, 1961, provides taxpayers with a significant opportunity to avoid prosecution for certain offenses under the Act. This provision empowers tax authorities to grant immunity from prosecution if the taxpayer meets specified conditions.

Author: CA HARSH GARG