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A Taxpayer’s Guide to Seeking Relief Under Section 270AA

Section 270AA of the Income Tax Act, 1961, offers taxpayers an opportunity to seek immunity from penalties for under-reported income, as well as protection from prosecution under certain conditions. This provision encourages taxpayers to accept their tax liabilities and

How Can Penalties Be Reduced or Waived Under Section 273A?

Section 273A of the Income Tax Act, 1961, empowers the Principal Commissioner or Commissioner of Income Tax to reduce or waive penalties in specific circumstances. This provision offers relief to taxpayers who make genuine efforts to comply with tax

Section 273B Explained: Relief From Penalties for Genuine Hardships

Section 273B of the Income Tax Act, 1961, serves as a relief mechanism for taxpayers who fail to comply with certain provisions of the Act due to a reasonable cause. This section ensures that penalties are not imposed arbitrarily

Income Tax Penalty Timelines: What You Need to Know

The Income Tax Act, 1961, provides specific timelines within which penalties must be imposed to ensure procedural fairness and compliance with tax laws. These timelines vary depending on the type of penalty and the related assessment proceedings. Understanding these

Everything You Need to Know About the Procedure for Tax Penalties

The Income Tax Act, 1961, provides a detailed framework for imposing penalties to ensure compliance and deter non-compliance with tax laws. Penalties can be levied for various defaults, including non-filing of returns, under-reporting of income, and maintaining false accounts.

What Happens When You Violate Section 269ST Cash Restrictions?

Section 269ST of the Income Tax Act, 1961, imposes strict restrictions on cash transactions to curb black money, promote digital payments, and ensure transparency in financial dealings. Non-compliance with this section attracts severe penalties under Section 271DA. Below is

Non-Compliance with Section 269ST? Here Are the Penalty Rules

What Taxpayers Must Know About Section 271AAD Penalty Rules

Section 271AAD of the Income Tax Act, 1961, introduced by the Finance Act, 2020, is a stringent provision aimed at penalizing entities for maintaining false or fabricated entries in their books of accounts. This section seeks to ensure the

Penalty Provisions Under Section 271AAC: A Guide for Taxpayers

Section 271AAC and Its Role in Handling Tax Non-CompliancePenalty Section 271AAC of the Income Tax Act, 1961, deals with penalties for unexplained income and assets. Introduced by the Finance Act, 2017, this section was designed to address non-compliance with

A Complete Guide to Section 271AAB and Its Penalty Provisions

Section 271AAB of the Income Tax Act, 1961, lays down specific provisions for penalties in cases where a search has been conducted under Section 132. This section aims to penalize the concealment of undisclosed income uncovered during search proceedings.

Author: CA HARSH GARG