Section 270a
This query is : Open
29 September 2020
Dear Experts, I have a small query regarding section 270a, if someone has not filed his return does in that case will it be considered as Under reporting only or can it also be considered as Misreporting?
Thanks in advance
Thanks in advance
29 September 2020
If return is not furnished, and Income is assessed at an amount which is more than the maximum amount not chargeable to tax, it comes under UNDER REPORTING for the purpose of 270A.
29 September 2020
Thank you sir for your reply, in that case penalty will be 50% or A.O. can also levy penalty of 200%
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