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Penalty Notice under section 271(1)(c) / 271(1)(b)

If the Income tax Officer is satisfied that any person has failed to comply with the notice of Income tax Assessments [143(2) & 142(1)] / Fringe Benefit Returns / direction issued for Special Audit under section 142(2A) of the Income tax Act, 1961, than in addition to tax, if any, payable by him, penalty for a sum of ten thousand rupees for each such failure may be levied by the Income tax Officer. However, before levying said penalty, notice will be issued to the person to show as to why the penalty under section 271(1)(b) should not be imposed. On the other hand, if the Income tax Officer is satisfied that any person has concealed / hide any of his income or has furnished / submitted inaccurate / wrong particulars of his income than in addition to tax, if any, payable by him, penalty under section 271(1)(c) of the Income tax Act, 1961 may be levied, where the penalty amount will not be less than the amount of tax sought to be evaded and it may goes up to three times of the amount sought to be evaded. However, before levying said penalties, notice under section 271 will be issued to the person to show reason as to why the penalty under section 271(1)(b) / 271(1)(c) should not be levied on the person.

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