Offences and penalties section 182 after 2nd amendment

Offences and penalties section 182 after 2nd amendment: Where any person fails to furnish a return of income as required under section 114 within due date Such person shall pay a penalty equal to 0.1% of the tax payable in respect of that year for each day of default subject to a maximum penalty of 50% of the tax payable provided that if the penalty worked out as aforesaid is less than forty thousand rupees or no tax is payable for that tax year such person shall pay a penalty of forty thousand rupees.

However, that if 75% of the income is from salary and the amount of income under salary is less than five million Rupees, the minimum amount of penalty shall be five thousand Rupees. Provided further that if taxable income is up-to eight hundred thousand Rupees, the minimum amount of penalty shall be five thousand Rupees:

Provided also that the amount of penalty shall be reduced by 75%, 50% and 25% if the return is filed within one, two and three months respectively after the due date or extended due date of filing of return as prescribed under the law.

Explanation. – For the purposes of this entry, it is declared that the expression “tax payable” means tax chargeable on the taxable income on the basis of assessment made or treated to have been made under sections 120, 121, 122 or 122C.

Where any person fails to furnish a statement as required under section 115, 165, 165A or 165B within the due date. Such person shall pay a penalty of Rs. 5000 if the person had already paid the tax collected or withheld by him within the due date for payment and the statement is filed within ninety days from the due date for filing the statement and, in all other cases, a penalty of Rs. 2500 for each day of default from the due date subject to a minimum penalty of Rs. 10,000,

Provided that where it stands established that no tax was required to be deducted or collected during the relevant period, minimum amount of penalty shall be ten thousand Rupees.

Any person who repeats erroneous calculation in the return for more than one year whereby amount of tax paid is less than the actual tax payable under this Ordinance. Such person shall pay a penalty of thirty thousand rupees or three per cent of the amount of the tax involved, whichever is higher.

Provided that no penalty shall be imposed to the extent of the tax shortfall occurring as a result of the taxpayer taking a reasonably arguable position on the application of this Ordinance to the taxpayer’s position.

Any person who-

(a) makes a false or misleading statement to an Inland Revenue Authority either in writing or orally or electronically including a statement in an application, certificate, declaration, notification, return, objection or other document including books of accounts made, prepared, given, filed or furnished under this ordinance;

(b) furnishes or files a false or misleading information or document or statement to an Income tax Authority either in writing or orally or electronically;

(c) omits from a statement made or information furnished to an Income tax Authority any matter or thing without which the statement or the Information is false or misleading in a material particular.

Such person shall pay a penalty of twenty-five thousand rupees or 50% of the amount of tax shortfall whichever is higher:

Provided that in case of an assessment order deemed under section 120, no penalty shall be imposed to the extent of the tax shortfall occurring as a result of the taxpayer taking a reasonably arguable position on the application of this Ordinance to the taxpayer‘s position. Section 114,116, 174, 176, 177 and general 114A, 118.

Any person who denies or obstructs the access of the Commissioner or any officer authorized by the Commissioner to the premises, place, accounts, documents, computers or stocks. Such person shall pay a penalty of fifty thousand rupees or one hundred 50 per cent of the amount of tax involved, whichever is higher.

Any person who fails to collect or deduct tax as required under any provision of this Ordinance or fails to pay the tax collected or deducted as required under section 160. Such person shall pay a penalty of 1 [forty] thousand rupees or 10% of the amount of tax whichever is higher.

A reference to Division II or Division III of Part V of Chapter X and Chapter XII has been inserted, which covers all the provisions dealing with tax collection and deduction.

Any person who fails to display his NTN or business license at the place of business as required under this Ordinance or the rules made thereunder. Such person shall pay a penalty of Rs. 5000. Section 181C and 181D.

Omitted as corresponding section 227C has already been omitted vide Finance Act, 2019 Omitted as corresponding section 227C has already been omitted vide Finance Act, 2019.

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