Tips on taxes, payroll, and accounting

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

Frequently Asked Questions

When should I contact an accountant?

As soon as you start to think about your business, an accountant can help you take the next steps. We can discuss your business's organization, tax purposes and operations, along with target pricing and profit margins.

What are my options for raising money?

Get some impartial advice from an accountant before you consult the bank. A bank will want to see a strong business plan and organized records. Let us help you get ready for your business's next step!

How can I know which accountant is right for me?

Does your accountant return your calls? Do you feel comfortable asking them a question? Do you feel heard? With the right accountant, the answers should be a resounding "Yes!"

Tips on taxes, payroll, and accounting

Frequently Asked Questions

When should I contact an accountant?

What are my options for raising money?

How can I know which accountant is right for me?

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