Penalty in respect of certain income
Section 443(1) of Income Tax Act 2025
(1) The Assessing Officer or the Joint Commissioner (Appeals) or Commissioner (Appeals) may impose a penalty of 10% of the tax payable under section 195(1)(i), on an assessee if the income determined in his case for any tax year includes any income referred to in section 102, 103, 104, 105 or 106.
Section 443(2) of Income Tax Act 2025
(2) The penalty under sub-section (1) shall be payable in addition to the tax payable under section 195.
Section 443(3) of Income Tax Act 2025
(3) No penalty shall be levied on income referred to in section 102, 103, 104, 105 or 106 to the extent such income has been included by the assessee in the return of income furnished under section 263 and the tax as per section 195(1)(i) has been paid on or before the end of the relevant tax year.
Section 443(4) of Income Tax Act 2025
(4) No penalty under section 439 shall be imposed upon the assessee in respect of income referred to in sub-section (1).
Section 443(5) of Income Tax Act 2025
(5) The provisions of sections 471 and 472 shall as far as may be, apply in relation to the penalty referred to in this section.