Section 221 of ITA, 1961 : Section 221: Penalty Payable When Tax In Default
ITA, 1961
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Explanation using Example
Imagine a scenario where Mr. Sharma, a business owner, was supposed to pay his income tax dues by the 31st of July for the previous financial year. However, he failed to do so and did not respond to the notices sent by the Income Tax Department. By 1st October, he still hadn't paid the tax due. Because of this delay, Mr. Sharma is now in default.
The Assessing Officer decides to impose a penalty on Mr. Sharma for not paying his taxes on time. In addition to the tax arrears, Mr. Sharma is also required t...
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