what are the various appellate authorities under the income tax act? what is prosecution and various penalties for violation of the provisions of income tax act? and write about income tax settlement commission?
Answers
Answer:
Income Tax Act, 1961 i.e. powers of the Settlement Commission to grant immunity from penalty and prosecution and its impact on the pendency of criminal prosecution against defaulters under the Act.
As per the Act, the powers of the criminal prosecution against defaulters are vested with the Commissioner of Income Tax who is the sanctioning authority and puts the criminal prosecution into motion by filing a criminal complaint in the designated court i.e. Court of the Learned ACMM (Spl. Acts) Central Delhi. After the filing of the complaint, the summoning order is passed by the Ld. ACMM and the trial proceeds as per the provisions of the Code of Criminal Procedure and culminates in either conviction or acquittal of the accused.
The Income Tax Settlement Commission is a premier Alternative Dispute Resolution (ADR) body in India. The Income Tax Settlement Commission is mandated with resolving income tax and wealth tax disputes between the Income Tax department and income tax assesses.
Explanation:
Penalties and Prosecutions Under Income tax Act, 1961
Section Nature of default Fine
(a) where tax sought to be evaded exceeds Rs. 1 lakh (Rs. 25 lakh w.e.f. 1-7-2012) No limit
(b) in other cases No limit
276C(2) Wilful attempt to evade payment of any tax, penalty or interest (non-cognizable offence under section 279A)