(1) Where a refund becomes due or is found to be due to any person under this Act, the Assessing Officer or Commissioner or Principal Commissioner orChief Commissioner or Principal Chief Commissioner, may instead of payment of the refund, set off the amount to be refunded or any part of that amount, against the sum, […]

Section 439 of Income Tax Act 2025 replaced the earlier Section 270A of Income Tax Act 1961 which provided for the penalty for underreporting and misreporting of income. With effect from 01.04.2026, provisions of Section 439 of Income Tax Act, 2025 will be application with respect to the Penalties for Underreporting and Misreporting of Income under Income

(1) An assessee may make an application to the Assessing Officer for granting immunity from penalty under section 439 and initiation of proceedingsunder section 478 or section 479, if––(a) the tax and interest payable as per the order of assessment or reassessment under section 270(10) or section 279, has been paid within theperiod specified in

A penalty of twenty-five thousand rupees shall be imposed on a person by the Assessing Officer or the Joint Commissioner (Appeals) or the Commissioner(Appeals), if he fails to—(a) keep and maintain the books of account and other documents as per section 62 or the relevant rules, in respect of any tax year; or(b) retain such

(1) The Assessing Officer or Commissioner (Appeals) may impose a penalty of 2% of the value of each international transaction or specified domestictransaction entered into by a person, if in respect of such transaction he,—(a) fails to keep and maintain any such information and document as required by section 171(1);(b) fails to report such transaction

(1) The Assessing Officer or the Joint Commissioner (Appeals) or Commissioner (Appeals) may impose a penalty of 10% of the tax payable undersection 195(1)(i), on an assessee if the income determined in his case for any tax year includes any income referred to in section 102, 103, 104, 105 or 106.(2) The penalty under sub-section

The Assessing Officer or the Joint Commissioner (Appeals) or the Commissioner (Appeals), may impose a penalty equal to the aggregate amount of false or omitted entry, where during any proceeding under this Act, it is found that in the books of account maintained by any person there is— (a) a false entry; or(b) an omission

(1) If during any proceedings under this Act, it is found that a registered non-profit organisation has any specified income which is chargeable to tax as persection 337 (Table: Sl. No. 2), the Assessing Officer may impose on such person, a penalty of—(a) a sum equal to the aggregate amount of income applied, directly or

If any person fails to get his accounts audited for any tax year or years or furnish the audit report as required under section 63, the Assessing Officer mayimpose a penalty on such person, which shall be the lesser of––(a) 0.5% of the total sales, turnover, or gross receipts in business, or the gross receipts

If any person fails to furnish a report from an accountant as required by section 172, the Assessing Officer may impose a penalty of one lakh rupees on such person.