Penalties And Prosecution Under Income Tax Act 1961 Pdf

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penalties and prosecution under income tax act 1961 pdf

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It is important for the government to receive a timely collection of taxes to go about its functions. Thus, a stringent and robust system has been put in place in case of non-compliance. Income Tax Act has a plethora of provisions with respect to offences, penalties and prosecution.

Prosecution under Section 276C of Income-tax Act, 1961 – An Overview

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Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well. The document will provide you information about the punishable offences, prosecutions and the quantum of penalties that can be imposed under the law. There are three modes built in the fiscal legislation for encouraging tax compliance: a Charge of Interest, b imposition of penalty c launching of prosecution against tax delinquents. While charging of interest is compensatory on character, the imposition of penalty and institution of prosecution proceedings act as strong deterrents against potential tax delinquents. The following defaults may invite levy of penalty:. Failure of file the return of income as required under Section 1 , shall entail imposition of penalty.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy. It is quite perplexing to understand the defenses available to anyone prosecuted under the provisions of this chapter of the I. Act, it is necessary to first of all to take note of abbreviations used hereinafter, and understand some legal terms. It is important to note that since some of the above terms have not been defined under the I. Act, the meaning of the terms used above have to be taken from the Code of Criminal Procedure, , as mandated under Sec.

Summary of Penalties Under the Income Tax Act

Updated on Jan 05, - PM. An assessee who commits an offence under the provisions of The Income Tax Act, shall be subject to penalty. The penalty is an additional amount levied and is different from the tax payable. Penalty is levied based on the law at the time of the offence being committed and not as it stands in the financial year for which the assessment is being made. The list of penalties levied under the Income Tax Act, are:. No penalty under the provisions of clause c of sub-section 1 of section shall be levied. Section 69B-Amount of investments not fully disclosed in books of account.


Section (2) of Income-tax Act empowers a Chief Commissioner of Director General of Income-tax to compound an offence either before or.


Five Most Serious Offences Under The Income Tax Act

There are some lapses on the part of the assessee which are punishable through the courts. Whenever Income-tax department feels that a particular person has committed a particular offence, a wrongful act or he is guilty of a crime, the department will initiate the proceedings before a magistrate. The proceedings, before the magistrate shall be heard under the Criminal Procedure Code and onus to prove the guilt before the magistrate shall fall, upon the department. The assesee is considered to be an innocent person unless proved otherwise.

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Penalty Under Income Tax Act

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