Penalties prescribed under the Act:
- The Valuation Officer can decide the quantity of tax to be mentioned.
- A penalty of Rs 5,000 if the refund is accomplished after the due date laid out in clause 139(1). However, if the complete quantity acquired doesn’t exceed 5 lakhs, the penalty can be Rs 1,000.
- Half of the tax paid on revenue, if the revenue is said as a consequence of intervention, 200% of the tax paid on revenue will not be reported.
- If a citizen doesn’t submit the info laid out in Section 44AA on time, he can be fined as much as Rs. 25,000 under division 271A. If the assessed individual enters the worldwide trade, the penalty is 2% of the worldwide trade or home order worth.
- A positive of Rs 1,50,000 or Rs 0, whichever is decrease, if the evaluator fails to assessment their data, receive an audit report, or concern such publications. 5% of all gross sales, turnover or complete income. A positive of Rs 100,000 can be imposed if the assessor fails to submit audited paperwork referring to international commerce.
- Where the competent authorities resolve on undeclared revenue, the penalty is not going to decide the quantity of tax payable, however is not going to exceed most of the expenses for undeclared wages.
- If a citizen is deemed to not have paid his tax legal responsibility, for instance, if he fails to pay inside the specified time after notification under Article 156, the would possibly power a punishment not exceeding the tax in arrears as per Section 221(1).
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