Vinaykumar Kurugodu (34 Points)
22 April 2019
Jitesh Sinha
(other)
(280 Points)
Replied 22 April 2019
As per slab rate with interest and penalty. The penalties can range from Rs 100 to a maximum of 300% of the tax sought to be evaded, in addition to the tax payable.
Jitesh Sinha
(other)
(280 Points)
Replied 22 April 2019
As per newly inserted Section 270A (which has replaced section 271 of the income-tax Act), if an individual is found to have underreported her income, a penalty equal to 50% of income tax payable may be levied. However, in cases of “misreporting of income," penalty equal to 200% of the income tax payable may be levied.
CA Chandra Prakash
(9873059766 Increasing knowledge through sharing)
(296 Points)
Replied 22 April 2019
interest rate is 18% p.a.
CAclubindia
