Penalties under Income Tax Act

Section	Nature of Default	Basis of Charge	Quantum of penalty
221(1)	Failure to pay tax; i.e., non-payment of tax required by notice u/s. 156.	--	Amount of tax in arrears
271(1)(b)	Non-compliance with notice u/s. 142(1) to file returns or to produce documents required by assessing officer or u/s. 143(2) to produce evidence on which assessee relies or u/s. 142(2A) to get accounts audited.	--	Rs. 10,000
271(1)(c)	Concealment of the particulars of income, or furnishing inaccurate particulars thereof.	Tax sought to be evaded	100 % to 300 % of tax sought to be evaded
271A	Failure to maintain books or documents u/s. 44AA.	--	Rs. 25,000
271AA	Failure to keep and maintain information and documents u/s. 92D.	International transaction	2% of International transaction
271B	Failure to get accounts audited and furnish Tax Audit Report as required u/s. 44AB.	Total Sales, Turnover, or Gross Receipts	0.5% of total sales, turnover or gross receipts, or Rs. 1,00,000 whichever is less
271BA	Failure to furnish a report as required u/s. 92E.	--	Rs. 1,00,000
271C	Failure to deduct the whole or part of the tax as required by or under Chapter XVII-B (Ss. 192 to 196D) or failure to pay the whole or part of tax u/s. 115-O.	Tax failed to be deducted	Equal to the amount failed to be deducted
271D	Contravention of the provisions of S. 269SS; i.e., by taking or accepting any loan or deposit otherwise than by ways specified therein.	Amount of loan or deposit so taken or accepted	Equal to the amount of loan or deposit so taken or accepted
271E	Contravention of S. 269T; i.e. repayment of any deposit otherwise than by modes specified therein.	Amount of deposit so repaid	Equal to the amount of deposit so repaid
271F	Failure to furnish Return of Income under sub-section (1) of S. 139 before the end of the relevant Assessment Year.	--	Rs. 5,000
Failure to furnish Return of Income under proviso to sub-section (1) of S. 139 by the due date.	--	Rs. 5,000
271G	Failure to furnish information or document u/s. 92D (3).	International transaction	2 % of such default.
272A(1)	Failure to answer questions, sign statements, attend summons u/s. 131(1), apply for permanent account number u/s. 139A.	--	Rs. 10,000
272A(2)	Failure to:		Rs. 100 for every day during which the failure continues.
	Comply with notice u/s. 94(6) furnishing information regarding securities
	Give notice of discontinuance of business - S. 176(3)
	Furnish in due time returns, statements, or particulars u/s. 133, 206 or 285B
	Allow inspection of any register(s) - S. 134
	Furnish returns u/s. 139(4A)
	Deliver in due time a declaration mentioned in S. 197A
	Furnish a certificate u/s. 203.
	Deduct and pay tax u/s. 226(2)
	Furnish returns/ statements/ certificate u/s. 206C
	Furnish a statement of particulars of perquisites and profits in lieu of salary u/s. 192(2C)
272AA(1)	Failure to furnish the prescribed information required u/s. 133B (Refer to Form No. 45D).	--	Rs. 1,000
272B	Failure to apply for Permanent Account Number (PAN)	--	Rs. 10,000
272BB(1)	Failure to apply for Tax Deduction Account No. (TAN) (S. 203A)	--	Rs. 10,000
272BBB	Failure to apply for Tax Collection Account No. (TCN)	--	Rs. 10,000

Note:
No penalty is imposable for any failure u/ss. 271(1)(b), 271A, 271AA, 271B, 271BA, 271BB, 271C, 271D, 271E, 271F, 271G, 272A(1)(c) or (d), 272(2), 272AA(1), 272B, 272BB(1) and 272BBB(1), if the person or assessee proves that there was a reasonable cause for such failure (S. 273B).