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<h1>Penalty for under-reporting income imposes additional tax-based sanctions; misreporting attracts a substantially higher penalty wherever identified.</h1> Penalty for under-reporting income applies where assessed or reassessed income exceeds declared or previously determined income, including cases involving no return or first-time returns, reassessments that increase income or convert losses to income, and deemed total income; under-reported income is calculated for first assessments, reassessments and deemed-income scenarios (with a specified formula), subject to exclusions for bona fide explanations, proper estimates, self-disclosed lower adjustments, compliant transfer pricing entries and certain separately penalised undisclosed income.
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