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IT department charges penalty for misreporting  income

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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