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A timely and consistent paying of taxes and filing of returns ensures the government has money for public welfare at any point of time. To make sure that taxpayer does not default in paying taxes or disclosing the information, there are several penalties prescribed under the Act. A penalty a punishment imposed on the taxpayer for being non-compliant. Listed below is a summary of some of the important and most common penalties.
The amount of penalty leviable will be as determined by the Assessing Officer. However, the amount will not exceed the amount of tax in arrears
In case the income tax officer finds that the books of accounts provided by the asseessee in the proceeding contains the following:
Then, the assessee might have to pay a penalty of the amount equal to sum of such false or omitted entries.
|Period of delay||Penalty|
|Less than or equal to 1 month||₹5000 per day|
|Continuing default||₹50,000 per day from the beginning of service of order|
|Submission of inaccurate information||₹5,00,000|