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Penalties under Income Tax Act :
Nature of Default
Basis of Charge
Quantum of penalty
Failure to pay tax; i.e., non-payment of tax required by notice u/s. 156.
Amount of tax in arrears
Non-compliance with notice u/s. 142(1) to file returns or to produce documents required by assessing officer or u/s. 143(2) to produce evidence on which assessee relies or u/s. 142(2A) to get accounts audited.
Concealment of the particulars of income, or furnishing inaccurate particulars thereof.
Tax sought to be evaded
100 % to 300 % of tax sought to be evaded
Failure to maintain books or documents u/s. 44AA.
Failure to keep and maintain information and documents u/s. 92D.
2% of International transaction
Failure to get accounts audited and furnish Tax Audit Report as required u/s. 44AB.
Total Sales, Turnover, or Gross Receipts
0.5% of total sales, turnover or gross receipts, or Rs. 1,00,000 whichever is less
Failure to furnish a report as required u/s. 92E.
Failure to deduct the whole or part of the tax as required by or under Chapter XVII-B (Ss. 192 to 196D) or failure to pay the whole or part of tax u/s. 115-O.
Tax failed to be deducted
Equal to the amount failed to be deducted
Contravention of the provisions of S. 269SS; i.e., by taking or accepting any loan or deposit otherwise than by ways specified therein.
Amount of loan or deposit so taken or accepted
Equal to the amount of loan or deposit so taken or accepted
Contravention of S. 269T; i.e. repayment of any deposit otherwise than by modes specified therein.
Amount of deposit so repaid
Equal to the amount of deposit so repaid
Failure to furnish Return of Income under sub-section (1) of S. 139 before the end of the relevant Assessment Year.
Failure to furnish Return of Income under proviso to sub-section (1) of S. 139 by the due date.
Failure to furnish information or document u/s. 92D (3).
2 % of such default.
Failure to answer questions, sign statements, attend summons u/s. 131(1), apply for permanent account number u/s. 139A.
Rs. 100 for every day during which the failure continues.
Comply with notice u/s. 94(6) furnishing information regarding securities
Give notice of discontinuance of business - S. 176(3)
Furnish in due time returns, statements, or particulars u/s. 133, 206 or 285B
Allow inspection of any register(s) - S. 134
Furnish returns u/s. 139(4A)
Deliver in due time a declaration mentioned in S. 197A
Furnish a statement of particulars of perquisites and profits in lieu of salary u/s. 192(2C)
Failure to furnish the prescribed information required u/s. 133B (Refer to Form No. 45D).
Failure to apply for Permanent Account Number (PAN)
Failure to apply for Tax Deduction Account No. (TAN) (S. 203A)
Failure to apply for Tax Collection Account No. (TCN)
No penalty is imposable for any failure u/ss. 271(1)(b), 271A, 271AA, 271B, 271BA, 271BB, 271C, 271D, 271E, 271F, 271G, 272A(1)(c) or (d), 272(2), 272AA(1), 272B, 272BB(1) and 272BBB(1), if the person or assessee proves that there was a reasonable cause for such failure (S. 273B).