Penalties Imposable Under Income Tax Law

This 4th edition of Penalties Imposable under Income Tax Law, authored by Ram Dutt Sharma, provides a detailed and practical guide to the various penalties prescribed under the Income Tax Act, 1961, for non-compliance, concealment, misreporting, and other defaults. Updated for the year 2023, it offers a section-wise analysis of penalty provisions, procedural requirements, and judicial interpretations, making it a valuable resource for professionals, corporates, and taxpayers.

The book explains the nature, scope, and purpose of penalties in the direct tax regime, along with the rights of taxpayers and the discretion vested in the tax authorities. Supported by case laws, CBDT circulars, and practical examples, it equips readers with the knowledge required to ensure compliance and defend against unjustified penalty impositions.

The content covers:
• Overview and classification of penalty provisions under the Income Tax Act
• Section-wise analysis of penalties for concealment, under-reporting, and misreporting of income
• Penalties for failure to file returns, furnish information, comply with notices, or maintain prescribed records
• Penalties relating to TDS/TCS defaults and other procedural violations
• Circumstances where penalties may be waived or reduced
• Procedural requirements for initiation and levy of penalties
• Rights of the assessee and principles of natural justice in penalty proceedings
• Judicial pronouncements interpreting penalty provisions
• CBDT circulars, notifications, and relevant guidelines
• Practical compliance tips to avoid penalties

This edition is particularly suitable for:
• Chartered accountants, tax consultants, and advocates handling penalty proceedings
• Corporate tax and compliance teams ensuring adherence to statutory requirements
• Law and commerce students studying Indian taxation and enforcement mechanisms
• Taxpayers seeking clarity on their liabilities and rights in penalty cases

Whether used for compliance, litigation defence, or academic reference, this updated edition serves as an authoritative and practical guide to understanding and managing penalty provisions under the Income Tax Act, 1961.