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A Balanced Approach to Tax Penalties Under the Income Tax Act:- Complete Guide

The Income Tax Act, 1961, balances the imposition of penalties with principles of fairness to protect taxpayer rights while safeguarding government revenue. Penalties are a crucial tool to deter non-compliance and promote accountability, but their application requires judicial scrutiny

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

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