Bar of limitation for imposing penalty (1) No order imposing a penalty under this Chapter shall be passed after the expiry of a period of one year from the end of the financial year in which the notice for imposition of penalty is issued under section 46. (2) An order imposing, or dropping the proceedings […]

Procedure (1) The tax authority shall, for the purposes of imposing any penalty under this Chapter, issue a notice to an assessee requiring him to show cause why the penalty should not be imposed on him. (2) The notice referred to in sub-section (1) shall be issued— (a) during the pendency of any proceedings under

Penalty for other defaults (1) A person shall be liable to a penalty if he has, without reasonable cause, failed to— (a) answer any question put to him by a tax authority in the exercise of its powers under this Act; (b) sign any statement made by him in the course of any proceedings under

Penalty for default in payment of tax arrear. (1) Every person who is an assessee in default, or an assessee deemed to be in default, as the case may be, in making payment of tax, and in case of continuing default by such assessee, he shall be liable to a penalty of an amount, equal

Penalty for failure to furnish in return of income, an information or furnish inaccurate particulars about an asset (including financial interest in any entity) located outside India If any person, being a resident other than not ordinarily resident in India within the meaning of clause (6) of section 6 of the Income-tax Act, who has

Penalty for failure to furnish return in relation to foreign income and asset If a person, being a resident other than not ordinarily resident in India within the meaning of clause (6) of section 6 of the Income-tax Act, who is required to furnish a return of his income for any previous year, as required

Penalty in relation to undisclosed foreign income and asset The Assessing Officer may direct that in a case where tax has been computed under section 10 in respect of undisclosed foreign income and asset, the assessee shall pay by way of penalty, in addition to tax, if any, payable by him, a sum equal to

Interest for default in furnishing return and payment or deferment of advance tax (1) Where the assessee has any income from a source outside India which has not been disclosed in the return of income furnished under sub-section (1) of section 139 of the Income-tax Act or the return of income has not been furnished

Recovery by suit or under other law not affected (1) The several modes of recovery specified in this Chapter shall not affect in any way— (a) any other law for the time being in force relating to the recovery of debts due to the Government; or (b) the right of the Government to institute a

Recovery of tax dues in pursuance of agreements with foreign countries or specified territory (1) The Tax Recovery Officer may, in a case where an assessee has property in a country or a specified territory outside India, forward a certificate to the Board for recovery of the tax arrears from the assessee, where the Central