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IT department charges penalty for under-reporting income

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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