Welcome
Login / Register

New Income Tax Penalty for False Entries & Fake Invoice Section 271AAD I CA Satbir Singh

Thanks! Share it with your friends!

URL

You disliked this video. Thanks for the feedback!

Sorry, only registred users can create playlists.
URL


Added Income
77 Views
Description

Join Membership and Get Exclusive Videos and Posts for Members only

#Penalty #Section271AAD #IncomTax #Budget2020 #FinanceBill2020

Members Only Video Playlist

Insertion of new section 271AAD.  : Penalty for false entry, etc. in books of account.

98. After section 271AAC of the Income-tax Act, the following section shall be inserted, namely:—

‘271AAD. (1) Without prejudice to any other provisions of this Act, if during any proceeding under this Act, it is found that in the books of account maintained by any person there is—
(i) a false entry; or
(ii) an omission of any entry which is relevant for computation of total income of such person, to evade tax liability,

the Assessing Officer may direct that such person shall pay by way of penalty a sum equal to the aggregate amount of such false or omitted entry.

(2) Without prejudice to the provisions of sub-section (1), the Assessing Officer may direct that any other person, who causes the person referred to in sub-section (1) in any manner to make a false entry or omits or causes to omit any entry referred to in that sub-section, shall pay by way of penalty a sum equal to the aggregate amount of such false or omitted entry.
Explanation.––For the purposes of this section, “false entry” includes use or intention to use––


 (a) forged or falsified documents such as a false invoice or, in general, a false piece of documentary evidence; or

(b) invoice in respect of supply or receipt of goods or services or both issued by the person or any other person without actual supply or receipt of such goods or services or both; or

(c) invoice in respect of supply or receipt of goods or services or both to or from a person who does not exist.’

Learn GST with CA Satbir Singh on Unacademy



GST Online Course by CA Satbir Singh :

TaxHeal Mobile App Download :


Subscribe Taxheal by Email :

Daily GST News Taxheal :

GST Online Course ( India) ! GST Training Online



Due Date of Various GST Returns : Notification wise, Month wise & Form wise

CGST Act 2017 of India :

CGST Rules 2017  :

IGST Act 2017 of India :

Topic wise Commentary on GST Act of India

DISCLAIMER ********
This video is merely a general guide meant for learning purposes only. All the instructions, references, content or documents are for educational purposes only and do not constitute a legal advice. We do not accept any liabilities whatsoever for any losses caused directly or indirectly by the use/reliance of any information contained in this video or for any conclusion of the information. Prior to acting upon this video, you're suggested to seek the advice of your financial, legal, tax or professional advisors as to the risks involved may be obtained and necessary due diligence, etc may be done at your end.

Post your comment