Question

What are the various appellate authorities under the income tax act What is prosecution and various penalties for violations of the provisions of income tax act and write about income tax settlement commission

Answer 1

Income Tax Act.

Explanation:

• As per section 271H, if a person fails to file statement of tax collected/deducted at source, on or before the due dates, then he is liable to pay penalty under section 271H.  Minimum penalty is 10,000 and Maximum is upto 1,00,000.

• There is an appellate authority in income tax department known as the Commissioner of Income Tax (Appeals). if a person is not satisfied by the order of assessing officer, he can file appeal with the commissioner of Income Tax (Appeals).

• Settlement commission deals with the applications filed by the person under the Wealth-tax, 1957 and Income tax Act, 1961.

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