Penalty under section 271c

Author: nmif

August undefined, 2024

WebApr 15, 2024 · The Supreme Court has ruled that no penalty is leviable under Section 271C of the Income Tax Act, 1961 on mere delay in remittance of the tax deducted at source … WebDec 19, 2024 · The penalty under section 271C is not applicable since there is no failure to deduct tax under the Act. During the course of inspection, the statement of the tax …

Penalty on Non deduction, late deduction and late deposit of TDS

WebJul 21, 2024 · Assessee has challenged levy of penalty u/s 271C mainly on the following grounds:-. I. “That the Commissioner of Income Tax Appeals [‘CIT (A)’] erred on facts and … WebApr 11, 2024 · 2.2 Feeling aggrieved and dissatisfied with the levy of interest/penalty under Section 271C of the Income Tax Act, 1961 on late remittance of TDS is the subject matter of preferred appeal(s). CIVIL APPEAL NOS. 12581260/2024. 3. The facts leading to the present appeals in a nutshell are under: maisie matthews

Mere belated TDS Remittance won

WebApr 10, 2024 · The Supreme Court Monday held that no penalty shall be leviable under section 271C of the Income Tax Act over mere belated remittance of the tax deducted at source (TDS) after its deduction by the assessee concerned. The top court noted that section 271C of the Act deals with penalty for failure to deduct TDS. It said as per settled … Web10% of tax payable under section 115BBE. 271AAD: Penalty, if during any proceedings under the Act, it is found that in the books of accounts maintained by assessee, there is: a) A false entry; or ... 271C: Failure to deduct tax at source, wholly or partly, under sections 192 to 196D (Chapter XVII-B) ... WebJan 24, 2024 · Section 271C of the IT Act provides that if any person fails to deduct the whole or part of the tax as required in terms of the Act, then such person shall be liable to … maisie jane\u0027s organic crunchy almond butter

No Penalty For Failure To Deduct Tax At Source If Assessee

Mere Delay In Remittance Of TDS Doesn’t Attract Penalty Under S 271C …

WebApr 11, 2024 · 2.2 Feeling aggrieved and dissatisfied with the levy of interest/penalty under Section 271C of the Income Tax Act, 1961 on late remittance of TDS is the subject matter … WebC. Penalty for failure to deduct tax at source u/s 271C Failure to deduct the whole or any part of the tax— • As required under the provisions of Chapter XVIIB, or • As required under section 115 -O(2) or • As per second proviso to section 194B • Penalty of the sum equal to the amount of tax which was maisie lockwood x reader tumblrWebApr 10, 2024 · While allowing the assessee to appeal against the Kerala High Court (HC) judgment on the interpretation of Section 271C of the Income-Tax (I-T) Act, a Bench of Justices M R Shah and C T Ravikumar held that on “mere belated remitting the TDS after deducting the same by the assesse shall not attract penalty under the said Section”. maisie mosco almonds and raisins series

"WebApr 12, 2024 · Supreme Court Held. The Supreme Court held that section 271C (1) (a) is applicable in case of a failure on the part of the assessee to “deduct” the whole or any part … " - Penalty under section 271c

Penalty under section 271c

Penalty under Sections 221 & 271C for non-deduction/ short …

WebApr 10, 2024 · The Supreme Court on Monday held that penalty is inapplicable on belated deposit of Tax Deducted at Source (TDS) under the Section 271C of the Income Tax Act. …

Did you know?

WebJan 11, 2024 · Note: Any penalty imposable under section 271C(1) of the IT Act shall be imposed by ‘The Joint Commissioner’. Penalty under section 271CA of the IT Act – For failure to collect tax at source As per the provisions of section 206C of the IT Act, there are certain transactions in respect of which tax is collected at source by the person ... Web10% of tax payable under section 115BBE. 271AAD: Penalty, if during any proceedings under the Act, it is found that in the books of accounts maintained by assessee, there is: a) A false entry; or. ... 271C: Failure to deduct tax at source, wholly or …

WebFeb 19, 2024 · Applicability of the penalty provisions of section 271H of the Income Tax Act –. The penalty provisions of section 271H are applicable under any of the following circumstances –. 1. The Deductor fails to submit the TDS return within the prescribed time limit.. 2. The Collector fails to submit the TCS return within the prescribed time limit. WebApr 11, 2024 · 11 April 2024 3:15 AM GMT. The Supreme Court has ruled that no penalty is leviable under Section 271C of the Income Tax Act, 1961 on mere delay in remittance of the tax deducted at source (TDS ...

WebApr 12, 2024 · Supreme Court Held. The Supreme Court held that section 271C (1) (a) is applicable in case of a failure on the part of the assessee to “deduct” the whole or any part of the tax as required under the provisions of the Act. The words used in Section 271C (1) (a) are very clear, and the relevant words used are “fails to deduct.”. WebApr 16, 2024 · Section 273B of the Income Tax Act provides that no penalty under section 271C shall be imposable on the person or the assessee as the case may be, for any failure referred to in the said provisions, if he proves that there was reasonable cause for the said failure. The circumstances explained by the learned counsel for the assessee clearly ...

WebApr 10, 2024 · The Supreme Court Monday held that no penalty shall be leviable under section 271C of the Income Tax Act over mere belated remittance of the tax deducted at …

WebApr 12, 2024 · On 09.10.2003, the Additional Commissioner of Income Tax issued a show cause notice proposing to levy a penalty under Section 271C of the amount equal to TDS. The High Court vide impugned judgment and order has dismissed the appeal preferred by the assessee by holding that failure to deduct/remit the TDS would attract a penalty under … maisie peters together this christmasThe penalty under section 271C is applicable under the following conditions – 1. The person fails to deduct, the whole or part of, tax at source (i.e. TDS). 2. The person fails to pay, … See more In case of default, the penalty under section 271Cis leviable to the extent of an amount equal to TDS not deducted / not paid. See more Q 1. What is Chapter XVIIB? Ans:Chapter XVII of the Income Tax Act covers provisions relating to ‘Collection and recovery of tax’. Part B of Chapter XVII (i.e. Chapter XVIIB) covers … See more maisie lockwood x indoraptorWebApr 12, 2024 · Even the CBDT has decided to impose no penalty under Section 271C of the Income Tax Act for non-deduction of TDS, and no penalty is contemplated under Section 271C for delayed remittance, payment, or deposit of the TDS. The court stated, asserting the CBDT’s Circular No. 551 dated January 23, 1998. The assessee was not required to pay … maisie name meaning urban dictionaryWeb10% of tax payable under section 115BBE. 271AAD: Penalty, if during any proceedings under the Act, it is found that in the books of accounts maintained by assessee, there is: a) A … maisie paralympic swimmerWebApr 10, 2024 · The Supreme Court Monday held that no penalty shall be leviable under section 271C of the Income Tax Act over mere belated remittance of the tax deducted at … maisie maven steam hair straightenerWebFeb 9, 2024 · Similarly para no. 11 in the case RPS Infrastructure Ltd ( Supra) is also reproduced below where in the question of justification of penalty under Section 271C of the Act was also examined; “11. We have heard the rival submissions, perused the relevant findings given in the orders passed by the authorities below and the various judgments … maisie peters edinburgh ticketsWebApr 10, 2024 · New Delhi: The Supreme Court Monday held that no penalty shall be leviable under section 271C of the Income Tax Act over mere belated remittance of the tax deducted at source (TDS) after its ... maisie rae o\\u0027shea