TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Penalty rules under Section 132 searches updated: 30%-60% on undisclosed income admitted or not</h1> When a search under section 132 of the Income-tax Act is initiated, the Assessing Officer or Commissioner (Appeals) may impose a penalty on the assessee in addition to tax payable. For searches between July 1, 2012, and the assent of the Taxation Laws (Second Amendment) Bill, 2016, penalties range from 10% to 60% of undisclosed income based on admission and compliance. For searches from the Bill's assent date until September 1, 2024, penalties are 30% if the undisclosed income is admitted and substantiated, or 60% if not. No penalty under section 270A or clause (c) of section 271(1) applies to the same undisclosed income. The penalty provisions apply alongside sections 274 and 275. 'Undisclosed income' includes income not recorded before the search or falsely recorded expenses discovered during the search. The 'specified date' and 'specified previous year' relate to return filing deadlines and the year under search.
TaxTMI 
TaxTMI 
