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What Are the Penalty Provisions for Misreporting Under Section 270A?

Section 270A of the Income Tax Act, 1961, introduced by the Finance Act, 2016, lays down comprehensive provisions for penalties in cases of under-reporting and misreporting of income. This section replaces the earlier penalty provisions under Section 271(1)(c), aiming

A Taxpayer\u2019s Guide to Penalty Principles Under Income Tax

The Income Tax Act, 1961, lays down clear principles for the imposition of penalties to ensure taxpayer compliance and deter violations. These principles provide a structured approach for tax authorities while safeguarding taxpayer rights. Below is a detailed explanation

Tax Compliance and Penalties: Provisions Under Chapter XXI Simplified

Chapter XXI of the Income Tax Act, 1961, encompasses provisions related to the levy of penalties for various defaults and non-compliances by taxpayers. The primary objective is to ensure compliance and deter willful evasion or negligence in adhering to

Penalty Proceedings vs. Assessment: What Taxpayers Need to Know complete guide

The Income Tax Act, 1961, lays out distinct provisions for penalty and assessment proceedings. While both are critical for ensuring compliance, they differ significantly in purpose, procedure, and outcomes. Below is a detailed explanation of how penalty proceedings differ

Breaking Down Penalties and Prosecutions in the Income Tax Act

The Income Tax Act, 1961, encompasses comprehensive provisions to ensure compliance with tax laws in India. Among its mechanisms to deter non-compliance, two significant tools are penalties and prosecutions. While both serve as deterrents, they differ in their nature,

“What You Need to Know About Taxing Unexplained Assets and Money”

Income from undisclosed sources refers to income or assets for which the taxpayer cannot provide satisfactory evidence or explanation about their origin. Under the Income Tax Act, 1961, such income is classified and taxed to ensure accountability and compliance.

“Simplified Tax Guide for Composite Letting of Machinery and Property”

Composite letting of assets refers to a situation where an individual or entity lets out multiple assets together, such as a building along with machinery, furniture, or other equipment, as part of a single agreement. The Income Tax Act,

“What You Need to Know About Taxing Unexplained Income and Assets”

Unexplained credits, investments, and expenses arise when a taxpayer cannot provide satisfactory evidence for the source of funds, transactions, or expenditures. These amounts are brought into the tax net under the head 'Income from Other Sources' as per the

“How to Handle Unexplained Income Under ‘Income from Other Sources'”

Unexplained income refers to income or assets for which the taxpayer cannot provide satisfactory evidence or explanation regarding their source. Under the Income Tax Act, 1961, such unexplained amounts are brought to tax under 'Income from Other Sources,' ensuring

Practical Examples of Income Taxed Under ‘Income from Other Sources’

The category of Income from Other Sources under the Income Tax Act, 1961 serves as a residual head to tax incomes that do not fall under specified categories like salary, business income, or capital gains. This head covers a

Author: CA HARSH GARG