Penalty u/s

Nature of default

Amount of penalty

Power to levy

Note

221(1)

Failure to pay the whole or part of tax or interest Min. As determined by AO or both in accordance with the provisions of Max. Tax in arrears sec.140A Failure to keep, maintain or retain books of accounts, documents required u/s 44AA Failure to keep and maintain information & documents u/s 92D(1) & (2) Rs.25000 2% of the value of Intl.Transaction for each such failure

271A

271AA

271AAA

Failure to admit substantiated undisclosed source of income in the course of Search u/s 132(4)*

10% of undisclosed income

271B

Failure to get accounts audited or to furnish a report of such audit as required u/s 44AB Failure to furnish report from an accountant required u/s 92E

0.5% of Gross Receipts or Rs.1.5 lakhs Rs.1 lakh

271BA

271C

Failure to deduct/pay whole or any part of tax u/s Amount equal to tax which has 115-O or 194B not been decuted/ paid Failure to collect whole or part of tax Any loan or deposit takne or accepted in contravention of sec.269SS Any loan or deposit which is repaid in contravention of sec.269T Failure to furnish a return of income u/s 139(1) or by its proviso, befor the end of the relevant AY Amount equal to amount of tax not collected Amount equal to the loan or deposit taken or accepted Amount equal to the loan or deposit which is repaid Rs.5000

271CA

271D

10 271E

11 271F

If the assessee proves to the satisfaction of the AO that he was prevented by reasonable cause, no penalty shall be levied. (Sec.273B) If the assessee proves to the satisfaction of the AO that he AO / CIT(A) was prevented by reasonable cause, no penalty shall be levied. (Sec.273B) If the assessee proves to the satisfaction of the AO that he AO / CIT(A) was prevented by reasonable cause, no penalty shall be levied. (Sec.273B) * A statement admitting undisclosed income and specifying manner in which such income is derived is obtained from the assessee; when assessee substantiates the manner in which AO the undislosed income was derived; and when assessee pays the tax together with interest if any in respect of the undisclosed income. If the assessee proves to the satisfaction of the AO that he AO was prevented by reasonable cause, no penalty shall be levied. (Sec.273B) If the assessee proves to the satisfaction of the AO that he AO was prevented by reasonable cause, no penalty shall be levied. (Sec.273B) If the assessee proves to the satisfaction of the AO that he JCIT was prevented by reasonable cause, no penalty shall be levied. (Sec.273B) If the assessee proves to the satisfaction of the AO that he JCIT was prevented by reasonable cause, no penalty shall be levied. (Sec.273B) If the assessee proves to the satisfaction of the AO that he JCIT was prevented by reasonable cause, no penalty shall be levied. (Sec.273B) If the assessee proves to the satisfaction of the AO that he JCIT was prevented by reasonable cause, no penalty shall be levied. (Sec.273B) If the assessee proves to the satisfaction of the AO that he AO was prevented by reasonable cause, no penalty shall be levied. (Sec.273B) AO

12 271FA

13 271FB

14 271G

15 271(1)(b) 16 271(1)(c) 17 271(1)(d)

18

272A(1)(a) & (b)

19 272A(1)(c)

20 272A(2)(a)

21 272A(2)(b)

22 272A(2)(c)

23 272A(2)(d)

24 272A(2)(e)

If the assessee proves to the satisfaction of the AO that he was prevented by reasonable cause, no penalty shall be levied. (Sec.273B) If the assessee proves to the satisfaction of the AO that he Failure to furnish the return of FB u/s 115WD(1) Rs.100 per day AO was prevented by reasonable cause, no penalty shall be levied. (Sec.273B) 2% of the value of If the assessee proves to the satisfaction of the AO that he Failure to furnish information or document u/s Intl.Transaction for each such AO / CIT(A) was prevented by reasonable cause, no penalty shall be 92D(3) failure levied. (Sec.273B) Failure to comply with a notice u/s If the assessee proves to the satisfaction of the AO that he AO / CIT(A) 142(1)/143(2)/ 115WD(2)/115WE(2) or failure to Rs.10,000 for each such default was prevented by reasonable cause, no penalty shall be / CIT comply with 142(2A) levied. (Sec.273B) Concealing particulars of or furnishing Min.100% of tax evaded AO / CIT(A) Sec. 273B is not applicable inaccurate particulars of such income Max.300% of tax evaded / CIT If the assessee proves to the satisfaction of the AO that he Concealing particulars of or furnishing Min.100% of tax evaded AO / CIT(A) was prevented by reasonable cause, no penalty shall be inaccurate particulars of such fringe benefits Max.300% of tax evaded / CIT levied. (Sec.273B) Failure to state tha truth of any matter touching JCIT, JDIT If the assessee proves to the satisfaction of the AO that he the subject of assessment or to answer any Rs.10000 for each such failure or or Higher was prevented by reasonable cause, no penalty shall be question or sign any statement demanded by IT default authority levied. (Sec.273B) authority Failure to comply with summons issued JCIT, JDIT If the assessee proves to the satisfaction of the AO that he Rs.10000 for each such failure or u/s131(1) as to attend or produce books or or Higher was prevented by reasonable cause, no penalty shall be default documents at a certain place and time. authority levied. (Sec.273B) JCIT, JDIT If the assessee proves to the satisfaction of the AO that he Failure to comply with notice issued u/s 94(6) Rs.100 per day or Higher was prevented by reasonable cause, no penalty shall be reg furnishing of infn of securities, etc. authority levied. (Sec.273B) JCIT, JDIT If the assessee proves to the satisfaction of the AO that he Failure to give notice of discontinuance of Rs.100 per day or Higher was prevented by reasonable cause, no penalty shall be business or profession u/s 176(3) authority levied. (Sec.273B) Rs.100 per day. For default u/s Failure to furnish in due time any of the returns, JCIT, JDIT If the assessee proves to the satisfaction of the AO that he 206 & 206C penalty cannot statements or particulars mentioned in secs.133, or Higher was prevented by reasonable cause, no penalty shall be exceed the amount of tax 206, 206C or 285B authority levied. (Sec.273B) deductible or collectible JCIT, JDIT If the assessee proves to the satisfaction of the AO that he Failure to allow inspection of any register as per Rs.100 per day or Higher was prevented by reasonable cause, no penalty shall be sec.134 to allow copies of such register authority levied. (Sec.273B) JCIT, JDIT If the assessee proves to the satisfaction of the AO that he Non filing of ROI u/s 139(4A) & 139(4C) or delay Rs.100 per day or Higher was prevented by reasonable cause, no penalty shall be in filing authority levied. (Sec.273B) Failure to furnish Annual Return u/s 285BA Rs.100 per day Approved authority

25 272A(2)(f)

Failure to deliver or cause to be delivered in due Rs.100 per day subject to a max CIT / CCIT time a copy of declaration in Form 15G/15H of tax deductible/collectible Failure to furnish a certificate of TDS/TCS u/s 203 /206C Failure to deduct and pay tax as required by sec.226(2) JCIT, JDIT Rs.100 per day subject to a max or Higher of tax deductible/collectible authority JCIT, JDIT Rs.100 per day or Higher authority JCIT, JDIT Rs.100 per day or Higher authority JCIT, JDIT Rs.100 per day or Higher authority JCIT, JDIT Rs.100 per day subject to a max or Higher of tax deductible/collectible authority JCIT, JDIT Rs.100 per day or Higher authority JCIT, JDIT Rs.100 per day or Higher authority Rs.10000 for each such failure or AO default Rs.10000 AO

26 272A(2)(g)

27 272A(2)(h)

28 272A(2)(i) Failure to furnish a statement u/s 192(2C)

29 272A(2)(j) Failure to deliver copy of declration Failure to deliver quarterly statement of TDS & TCS Failure to furnish quarterly return of interest payment without TDS u/s194A Failure to comply with provisions of sec.133B Failure to comply with Sec.139A or quoting or intimating wrong PAN Failure to get or to quote TAN in challans, certificates, returns, etc. Failure to comply with provisions of sec 206CA

30 272A(2)(k)

31 272A(2)(l)

32 272AA

33 272B

34 272BB

35 272BBB

Rs.10000

AO

If the assessee proves to the satisfaction of the AO that he was prevented by reasonable cause, no penalty shall be levied. (Sec.273B) If the assessee proves to the satisfaction of the AO that he was prevented by reasonable cause, no penalty shall be levied. (Sec.273B) If the assessee proves to the satisfaction of the AO that he was prevented by reasonable cause, no penalty shall be levied. (Sec.273B) If the assessee proves to the satisfaction of the AO that he was prevented by reasonable cause, no penalty shall be levied. (Sec.273B) If the assessee proves to the satisfaction of the AO that he was prevented by reasonable cause, no penalty shall be levied. (Sec.273B) If the assessee proves to the satisfaction of the AO that he was prevented by reasonable cause, no penalty shall be levied. (Sec.273B) If the assessee proves to the satisfaction of the AO that he was prevented by reasonable cause, no penalty shall be levied. (Sec.273B) If the assessee proves to the satisfaction of the AO that he was prevented by reasonable cause, no penalty shall be levied. (Sec.273B) If the assessee proves to the satisfaction of the AO that he was prevented by reasonable cause, no penalty shall be levied. (Sec.273B) If the assessee proves to the satisfaction of the AO that he was prevented by reasonable cause, no penalty shall be levied. (Sec.273B) If the assessee proves to the satisfaction of the AO that he was prevented by reasonable cause, no penalty shall be levied. (Sec.273B)