Interest, Fee & Penalty under Income-tax Act
- Year of Publication: 2023
- ISBN: 978-93-94163-62-1
- No.of Pages: 513
The book is a veritable commentary on provisions of Income Tax Act dealing with sanctions by way of Interest, Fee and Penalty (spread over in 50 sections) for timely and proper compliance of provisions of Act and also for collection and deduction of tax at source with the help of relevant Rules and judgments of Supreme Court and High Courts. A summary of Faceless procedure based on a feasible technological advancement extant without human interference with a pious aim to achieve greater efficiency, transparency and accountability is also dealt with.
The book contains Charts showing Interest, Fee and Penalties at a glance.
- Chapter one is introduction of Charge of Interest, Fee and Penalties.
- Chapters Two to Ten deal with range of interest charge and grant – Covering self-assessment, TDS and TCS, late payment of assessed taxes, delayed returns, advance tax failures and shortfalls, excess refunds and grant of interest to taxpayers.
- Chapters Eleven to Fourteen deal with levy of fee for defaults in filing statements, tax returns, certificates and Aadhaar PAN linking.
- Chapters Fifteen to Forty-Five deal with various penalties imposed under the Act including new Penalty section 271AAE inserted to discourage and penalize benefits to related specified persons by charitable institutions.
- Chapter Forty-Six deals with powers of Commissioner to waive or reduce penalties and interests
- Chapter Forty-Seven deals with immunity from penalty in settlement commission search abated cases.
- Chapter Forty-Eight deals with no penalty levy, if reasonable cause is shown for certain defaults.
- Chapter Forty-Nine is on procedural aspects, principles of natural justice and Faceless Penalty Scheme.
- Chapter Fifty deals with limitation for penalty impost.
- Chapter Fifty-one deals with immunity granted by Central Government in certain cases.
R.P. Garg has been specialising over 50 years in corporate and taxation laws with consulting top tax law firms, having experience as a Chartered Accountant, advocate of High Courts and Supreme Court and as a member of Income Tax Appellate Tribunal for a period of over 23 years presiding over and conducting second appeals arising in direct tax laws and finally retired as the Senior Vice President thereof, a penultimate post as it then existed. Academically, he is a commerce graduate, a Fellow member of the Institute of Chartered Accountants of India and has a Master degree in law from Delhi University, India. He is also a senior tax consultant to internationally reputed firms dealing in corporate tax and offshore transaction matters.
R.P. Garg has been a continuous source of contributing papers in seminars and tax journals on International and Indian tax laws. He has been the co-author of books on Indian GAAR, Taxation of Non-residents, International Law, Law of Tax Treaties, Practice and Procedure before ITAT, National Company Law Appellate Tribunal, students series on income tax, Limitation & Arbitration and Gift tax laws.
R.P. Garg has been the Chairman of the Chamber of Tax Consultants, Delhi Chapter for consecutive two years and contributed his experience in spreading knowledge and as Past Chairman thereafter for another two years.
Bharat is a 'trade-name' for a group of concerns, popularly known as Bharat Law House and Bharat Law House Pvt. Ltd. Bharat is one of the most reputed publishers of law books with an experience of over six decades. It possess a very diverse range of publications covering not only the area of taxation - direct and indirect - but also company law, insolvency capital market, finance, industrial law, foreign exchange, commercial, civil and criminal laws. The students publications for CA, CS, CMA, CFA, MBA, graduate and post-graduate studies have carved out a niche for themselves. The Publication House has a professionally qualified team with strong in-house capabilities. Their strength lies in the patronage of legal luminaries in every field. They strive for accuracy, authenticity and sincerity.
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- Year of Publication: 2023
- ISBN: 978-93-94163-62-1
- No.of Pages: 513
The book is a veritable commentary on provisions of Income Tax Act dealing with sanctions by way of Interest, Fee and Penalty (spread over in 50 sections) for timely and proper compliance of provisions of Act and also for collection and deduction of tax at source with the help of relevant Rules and judgments of Supreme Court and High Courts. A summary of Faceless procedure based on a feasible technological advancement extant without human interference with a pious aim to achieve greater efficiency, transparency and accountability is also dealt with.
The book contains Charts showing Interest, Fee and Penalties at a glance.
- Chapter one is introduction of Charge of Interest, Fee and Penalties.
- Chapters Two to Ten deal with range of interest charge and grant – Covering self-assessment, TDS and TCS, late payment of assessed taxes, delayed returns, advance tax failures and shortfalls, excess refunds and grant of interest to taxpayers.
- Chapters Eleven to Fourteen deal with levy of fee for defaults in filing statements, tax returns, certificates and Aadhaar PAN linking.
- Chapters Fifteen to Forty-Five deal with various penalties imposed under the Act including new Penalty section 271AAE inserted to discourage and penalize benefits to related specified persons by charitable institutions.
- Chapter Forty-Six deals with powers of Commissioner to waive or reduce penalties and interests
- Chapter Forty-Seven deals with immunity from penalty in settlement commission search abated cases.
- Chapter Forty-Eight deals with no penalty levy, if reasonable cause is shown for certain defaults.
- Chapter Forty-Nine is on procedural aspects, principles of natural justice and Faceless Penalty Scheme.
- Chapter Fifty deals with limitation for penalty impost.
- Chapter Fifty-one deals with immunity granted by Central Government in certain cases.
R.P. Garg has been specialising over 50 years in corporate and taxation laws with consulting top tax law firms, having experience as a Chartered Accountant, advocate of High Courts and Supreme Court and as a member of Income Tax Appellate Tribunal for a period of over 23 years presiding over and conducting second appeals arising in direct tax laws and finally retired as the Senior Vice President thereof, a penultimate post as it then existed. Academically, he is a commerce graduate, a Fellow member of the Institute of Chartered Accountants of India and has a Master degree in law from Delhi University, India. He is also a senior tax consultant to internationally reputed firms dealing in corporate tax and offshore transaction matters.
R.P. Garg has been a continuous source of contributing papers in seminars and tax journals on International and Indian tax laws. He has been the co-author of books on Indian GAAR, Taxation of Non-residents, International Law, Law of Tax Treaties, Practice and Procedure before ITAT, National Company Law Appellate Tribunal, students series on income tax, Limitation & Arbitration and Gift tax laws.
R.P. Garg has been the Chairman of the Chamber of Tax Consultants, Delhi Chapter for consecutive two years and contributed his experience in spreading knowledge and as Past Chairman thereafter for another two years.
Bharat is a 'trade-name' for a group of concerns, popularly known as Bharat Law House and Bharat Law House Pvt. Ltd. Bharat is one of the most reputed publishers of law books with an experience of over six decades. It possess a very diverse range of publications covering not only the area of taxation - direct and indirect - but also company law, insolvency capital market, finance, industrial law, foreign exchange, commercial, civil and criminal laws. The students publications for CA, CS, CMA, CFA, MBA, graduate and post-graduate studies have carved out a niche for themselves. The Publication House has a professionally qualified team with strong in-house capabilities. Their strength lies in the patronage of legal luminaries in every field. They strive for accuracy, authenticity and sincerity.
