Penalty and Prosecution – Test 1

Penalty under section 270A shall be levied @ ________ of tax payable on under-reported income if such under-reported income is in consequence of any misreporting.

If taxpayer fails to keep and maintain information and documents in respect of specified domestic transactions, then he may subject to penalty under section 271AA of the Act which shall be a sum equal to ___________.

Penalty under section 271BA for failure to furnish a report from an accountant as is required by section 92E is ____________.

Section 234E provides for levy of late filing fees for the delay in filing of __________

If the taxpayer fails to maintain books of account as per the provisions of section 44AA, then he shall be liable to pay penalty under section 271A of _________.

If a taxpayer fails to get his accounts audited under section 44AB of the Act, then he shall be liable for penalty under section 271B of one-half per cent of total sales, turnover or gross receipts, etc., or ________, whichever is less.

Penalty under section 271FA shall be levied for failure to file statement of financial transaction or reportable account. Such penalty is Rs.______ for every day during which the failure continues.

Identify the rate of penalty for underreporting of income under Section 270A.

272B provides penalty in case of default by the taxpayer in complying with the provisions of section 139A or knowingly quoting incorrect PAN in any document referred to in section 139A(5)(c) or intimates incorrect PAN for the purpose of section 139A(5A)/(5C). Such penalty is Rs. ________.

Section 272BB(1A) provides for penalty for quoting incorrect Tax Deduction Account Number or Tax Collection Account Number (as the case may be). Penalty under section 272BB is Rs.___________.

Commissioner of Income-tax is empowered to waive or reduce penalty subject to certain conditions prescribed under section 273A(1) and ________.

If the amount of income in respect of which the penalty is imposed or imposable for the relevant year(s) exceeds Rs. _______, then no order reducing or waiving the penalty under section 273A(1) shall be made by the Principal Commissioner or Commissioner, except with the previous approval of the Principal Chief Commissioner or Chief Commissioner or Principal Director General or Director General, as the case may be.

As per section _____________, a person who fails to submit the statement of TDS/TCS on or before the due date prescribed in this regard is liable to pay a specific amount as late filing fees.

If a person fails to submit the statement of tax deducted/collect at source on or before the due dates prescribed in this regard, then he, in addition to the late filing fees, may be liable to pay
penalty under section ________.

Under section 271H, minimum penalty can be levied of ________ which can go upto_______.

Apart from delay in filing of TDS/TCS return, section 271H also covers cases of ______________.

No penalty under section 271 H shall be levied under section 271H for the failure to file the TDS/TCS return, if the person proves that after paying tax deducted/collected by him, along with the fee and interest (if any), to the credit of the Central Government, he had filed the TDS/TCS return before the expiry of a period of _____ from the due date of filing the TDS/TCS return.

Under section __________ the Principal Commissioner of Income-tax or Commissioner of Income-tax has power to waive or reduce the penalty levied under the Income-tax Act.

If the taxpayer, fraudulently ___________ to any person, any property or any interest therein (which can be attached, to recover his tax dues), intending thereby to prevent that property or
interest therein from being attached for recovery of tax, then prosecution proceedings shall be initiated against such person under section 276.

The taxpayer may be prosecuted if there is a willful failure on his part to produce before the tax authorities the accounts and documents as demanded under section __________.

Before prosecuting a public servant, previous sanction of _____________under section 280(2) is required.

Section ______ deals with the prosecution in case of wilful attempt to evade tax, penalty or interest or under-reporting of income.

Section _____ deals with prosecution in case of failure to file the return of income

Section _____ deals with the penalty for violation of provisions of section 269SS

Section _____ deals with the penalty for violation of provisions of section 269T of the Income Tax Act.