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What is Tax Evasion?

Sunday, September 9, 2018, 3:35 PM

Tax evasion refers to the illegal act of escaping taxes. Under tax evasion, people try to reduce the tax liability, either by under-reporting income or inflating expenses. Tax evasion is an offense and people found evading taxes, could face criminal charges, prosecution and substantial penalties. Eg: Disclosing unreal income.
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IT department charges penalty for misreporting income

Monday, July 17, 2017, 4:37 PM

Misreporting happens in the case of misrepresentations of facts and includes: failure to record investments in the books of account, claims of expenditure not substantiated by any evidence and recording of any false entry in the books of account. In the case of misreporting, the penalty can be as high as 200% of the tax payable on the misreported income.
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IT department charges penalty for under-reporting income

Monday, July 17, 2017, 4:16 PM

There are various circumstances under which a person can be considered as having under-reported the income. Under-reporting can be when the department finds that the income of the assessee is more than what was declared in the return. Under section 270A, under-reporting of income can attract a penalty of up to 50% of the tax payable on under-reported income.

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