Penalty Under Income Tax Act

Tax Glossary Definition

Penalty Under Income Tax Act

A penalty under the Income Tax Act is a monetary fine imposed on taxpayers for non-compliance with tax laws, such as late filing of returns, underreporting of income, concealment of income, or failure to pay taxes on time. Penalties serve as a deterrent against tax evasion and encourage timely and accurate compliance. Different sections of the Act prescribe specific penalties depending on the nature and severity of the violation.

Example: If an individual files their income tax return after the due date, they may be liable to pay a late filing fee of ₹5,000 under Section 234F

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