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Penalty Provisions under the Income-Tax Act, 1961

Penalties for default in payment of Self Assessment Tax/ Payment of Tax/failure to comply with notice issued under section 142(1) or 143(2) or direction for audit under section 142(2A)/ under reporting and misreporting of income/ Failure in maintain information and document of international transaction or specified domestic transaction/ in case of Search, Late filing fees for delay in filing the TDS/TCS statement, Etc.

Assessments under Income-Tax Act, 1961

Scope/Procedure/Time limit of Assessment under section 143(1)/ section 143(3)/ section 144/ section 147.

Meaning of assessment.

Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing up his return of income. Once the return of income is filed up by the taxpayer, the next step is the processing of the return of income by the Income Tax Department.

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