Given below is the chart which shows Section under which Penalty can be imposed, Nature of Defaults and Quantum of Penalty. This chart will help you to be prepare and aware about Income Tax Penalties etc.

PENALTIES UNDER INCOME TAX ACT
Section	Nature of Default	Quantum of penalty
NON PAYMENT
221(1)	Tax payments including  Self Assessment Tax			Amount of tax in arrears
Failure to comply
271(1)(b)	with the notice u/S 115WD(2)/ 115WE(2)/ 143(1)/ 142(2)				Rs. 10,000 of each failure
271(1)(b)	with direction u/s 142(2A) to get audited				Rs. 10,000 of each failure
272A (1)	Failure to answer questions or sign statements				Rs. 10,000 of each failure
Concealment
271(1)(c)	Concealment of income or inaccurate particulars	100 % to 300 % of tax sought to be evaded
271AAA	Undisclosed income found during search intimation u/s 132	10% of undisclosed income
Book, Audit ,loans
271A	Failure to maintain books or documents u/s. 44AA.	Rs. 25,000
271B	Failure to get accounts audited  u/s. 44AB.	0.5% of total sales, or Rs.1,50,000 whichever is less
271D	Taking loan in contravention of Sec. 269SS	Equal to amount of loan  taken
271E	Repayment of loan in contravention of Sec. 269T	Amount of deposit or repaid
271F	Failure to furnish Return of Income	Rs. 5,000
International transactions
271AA	Failure to keep and maintain information and documents u/s. 92D.	2%  of value
271BA	Failure to furnish a report as required u/s. 92E.	Rs. 1,00,000
TDS
271C	Failure to deduct TDS in full and part		Equal to the amount failed to be deducted
271CA	Failure to collect TDS in full and part		Equal to the amount failed to be collected
272BB(1A)	Quoting false TAN in challan/ statements		Rs. 10,000
272BB(1)	Failure to apply for TAN		Rs. 10,000
271H	Failure to furnish e TDS statement		Rs 10,000 to 1 lacks
272A(2) (g)	Failure to furnish TDS certificate		Rs 100 per day .
272A(2)	Failure to comply with department letter		Rs. 100 for every day during which the failure continues.
272AA(1)	Failure to furnish information required u/s. 133B		Rs. 1,000
272B	Failure to apply for Permanent Account Number (PAN)		Rs. 10,000
272BBB	Failure to apply for Tax Collection Account No. (TCN)		Rs. 10,000