Tips on Income taxes/GST Compliance, Finance, and Accounting

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What is the Consequences if you Mis-report your income in Income tax return?

Under Section 270A of the Income Tax Act, 1961, the penalty for misreporting of income is 50% of the amount of tax payable on the misreported income. However, the total penalty amount cannot exceed the amount of under-reported income.

In case there is under-reporting of income and misreporting of income, the penalty provisions apply separately for each. In such cases, the penalty for under-reporting of income will be lev