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IT Sections.
Direct Taxation
269SS, 269ST, 269SST, 40(A)(3) Are these IT sections applicable for the personal nature of expenses?
Answers (7)
Thread Starter
Balamurali Unnithan M SIt's possible to comply with these transactions with day to day life?
Its possible and they should be adhered to as these are applicable to every person. Non compliance will lead to heavy penalty u/s 271... But as per Section 273B of Income Tax Act no penalty shall be levied if the failure to comply with the provisions of section 269SS or 269T is due to some reasonable cause. It depends on case to case....
Thread Starter
Balamurali Unnithan M SHi Mam. I understand, but how the department identifies that assessee is not comes under Tax Audit or IT Filing. This law revoked by normal human beings? How department identifies.
These are all practical aspects. And the intention of the Act in general is to penalise tax evasion and intentional non-compliance . You will know all this when you take up tax practice. Please concentrate on your syllabus presently.
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