Penalty for non-payment of Tax

Thursday, January 9, 2014

Penalty for non-payment of Tax

Following are important provisions of this section; a)Income Tax Officer may impose on the penalty not exceeding an amount equal to the said tax; b)In case of continuing default,the ITO may impose a penalty not exceeding the amount of such tax; c)Additional tax levied under sections 86, 87 ,88 or 89 shall be excluded from the amount of tax in respect of which the penalty is imposed; d)The ITO may cancel or modify the order imposing penalty,in case the can prove that the amount of tax been paid; e)No order or penalty shall be called in question in any court or tribunal on the ground that (i)no show-cause notice was issued;or(ii)an application for stay of recovery of tax or the payment of tax in instalments had been pending before any court or tribunal....

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