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Yes. Under the 1961 Act, failure to comply with a Sec 142(1) or 143(2) notice can attract a penalty of ₹10,000 for each failure, after a chance to be heard.
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Yes. Under the 1961 Act, failure to comply with a Sec 142(1) or 143(2) notice can attract a penalty of ₹10,000 for each failure, after a chance to be heard.
Sec 272A(1)(d), Income-tax Act 1961; Sec 142(1), Income-tax Act 1961 (now Sec 268(1))
If three notices went unanswered, the exposure can be ₹30,000, separate from tax on the assessed income. A good reason, such as illness or the notice going to a wrong address, can be pleaded when the penalty notice comes. Replying now reduces the chance of more defaults being counted.
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