Under what circumstances can the Principal Commissioner or Commissioner of Income Tax reduce or wave penalties explain?

Under what circumstances can the Principal Commissioner or Commissioner of Income Tax reduce or waive penalties?

The Principal Commissioner or Commissioner can grant the waiver only if the penalty imposed or imposable for the relevant year, and if such disclosures apply to more than one year the aggregate of penalty for all the years does not exceed Rs. 5,00,000. If the aggregate amount exceeds the limit of Rs.

How do I waive a tax penalty?

The assessee has to make an application to the Principal Commissioner for obtaining waiver or reduction or stay or compound any proceeding for the recovery of penalty under section 273A (4). Note: The application should have recorded the reasons for misreporting or furnishing inaccurate particulars of Income.

Can tax penalties be waived?

You may qualify for relief from penalties if you made an effort to comply with the requirements of the law, but were unable to meet your tax obligations, due to circumstances beyond your control.

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What are the powers of principal commissioner?

(1) The [Principal Commissioner or] Commissioner may call for and examine the record of any proceeding under this Act, and if he considers that any order passed therein by the Assessing Officer is erroneous in so far as it is prejudicial to the interests of the revenue, he may, after giving the assessee an opportunity …

What are the powers have tax commissioner?

Commissioners of Income Tax:

As the head of administration, a Commissioner of income-tax enjoys certain administrative as well as judicial powers. A commissioner may exercise powers of an assessing officer. It has the power to transfer any case from one or more assessing officers to any other assessing officer.

What are the powers of the Chief Commissioner of Income Tax?

Functions. Chief Commissioners are allotted budgetary targets for collection by the Central Board of Direct Taxes and the targets are divided among the Commissioners of Income Tax and are constantly monitored.

What is a reasonable excuse for late tax return?

A reasonable excuse is something that stopped you meeting a tax obligation that you took reasonable care to meet, for example: your partner or another close relative died shortly before the tax return or payment deadline. you had an unexpected stay in hospital that prevented you from dealing with your tax affairs.

Is GST penalty waived off?

Government has granted waiver from payment of interest and/or late fee to normal (Monthly / Quarterly) & composition taxpayers for the tax periods of March and April, 2021, through Central Tax Notification Nos.

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What is the penalty for failure to deduct tax at source?

All companies, irrespective of government or private, must bear a penalty of Rs. 200/day, under section 234E, for the delay in filing TDS or TCS returns after the specified due date. However, such a penalty will not exceed the amount of TDS for which the statement was required to be filed.

Is there a one time tax forgiveness?

Yes, the IRS does offers one time forgiveness, also known as an offer in compromise, the IRS’s debt relief program. Have tax debt and wondering if one time forgiveness can help?

Does IRS ever forgive penalties?

The IRS doesn’t abate the vast majority of penalties. Each year, the IRS assesses tens of millions of penalties totaling billions of dollars. … But the IRS also provides several options to get penalties removed, or abated, for people who qualify.

How much will the IRS settle for?

The average amount of an IRS settlement in an offer in compromise is $6,629.

What are the powers of income tax officer?

The officer has the power to call for information from any person either with regard to his own matters or in case of a third person, with whom the person has any dealings, which are covered under various sections of the Income Tax Act.

Who is the Chief of Income Tax Department?

Income Tax Department

Agency overview
Employees 46,000 (2016–17 est.)
Minister responsible Nirmala Sitharaman, Finance Minister
Agency executive Pramod Chandra Modi, IRS (IT:1982), Chairman, Central Board of Direct Taxes
Website incometax.gov.in
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What is Section 136 of Income Tax Act?

In section 136 of the Income-tax Act, the words and figures “and every income-tax authority shall be deemed to be a Civil Court for the purposes of section 195, but not for the purposes of Chapter XXVI, of the Code of Criminal Procedure, 1973” shall be inserted and shall “be-deemed to have been inserted at the end with …

Public finance