Penalties under Income Tax Act

Section Nature of Default Basis of Charge Quantum of penalty

Failure to pay tax; i.e., non-payment of Amount of tax in
221(1) --
tax required by notice u/s. 156. arrears
Non-compliance with notice u/s. 142(1)
to file returns or to produce documents
required by assessing officer or u/s.
271(1)(b) -- Rs. 10,000
143(2) to produce evidence on which
assessee relies or u/s. 142(2A) to get
accounts audited.
Concealment of the particulars of
Tax sought to be 100 % to 300 % of tax
271(1)(c) income, or furnishing inaccurate
evaded sought to be evaded
particulars thereof.
Failure to maintain books or documents
271A -- Rs. 25,000
u/s. 44AA.
Failure to keep and maintain information International 2% of International
271AA
and documents u/s. 92D. transaction transaction
0.5% of total sales,
Failure to get accounts audited and Total Sales, turnover or gross
271B furnish Tax Audit Report as required u/s. Turnover, or receipts, or Rs.
44AB. Gross Receipts 1,00,000 whichever is
less
Failure to furnish a report as required
271BA -- Rs. 1,00,000
u/s. 92E.
Failure to deduct the whole or part of the
tax as required by or under Chapter Tax failed to be Equal to the amount
271C
XVII-B (Ss. 192 to 196D) or failure to pay deducted failed to be deducted
the whole or part of tax u/s. 115-O.
Contravention of the provisions of S. Amount of loan
Equal to the amount
269SS; i.e., by taking or accepting any or deposit so
271D of loan or deposit so
loan or deposit otherwise than by ways taken or
taken or accepted
specified therein. accepted
Contravention of S. 269T; i.e. repayment
Amount of Equal to the amount
271E of any deposit otherwise than by modes
deposit so repaid of deposit so repaid
specified therein.
Failure to furnish Return of Income
under sub-section (1) of S. 139 before
271F -- Rs. 5,000
the end of the relevant Assessment
Year.
Failure to furnish
Return of Income
under proviso to -- Rs. 5,000
sub-section (1) of S.
139 by the due date.
Failure to furnish information or International
271G 2 % of such default.
document u/s. 92D (3). transaction
Failure to answer questions, sign
statements, attend summons u/s. 131(1),
272A(1) -- Rs. 10,000
apply for permanent account number
u/s. 139A.
272A(2) Failure to: Rs. 100 for every day
Comply with notice u/s. 94(6) furnishing during which the
information regarding securities failure continues.
 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 certificate u/s. 203.
Deduct and pay tax u/s. 226(2)
Furnish returns/ statements/ certificate
u/s. 206C
Furnish a statement of particulars of
perquisites and profits in lieu of salary
u/s. 192(2C)
Failure to furnish the prescribed
272AA(1) information required u/s. 133B (Refer to -- Rs. 1,000
Form No. 45D).
Failure to apply for Permanent Account
272B -- Rs. 10,000
Number (PAN)
Failure to apply for Tax Deduction
272BB(1) -- Rs. 10,000
Account No. (TAN) (S. 203A)
Failure to apply for Tax Collection
272BBB -- Rs. 10,000
Account No. (TCN)

Note:
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).