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>Finance Bill 2020 Introduces Section 271AAD: Penalties for False or Omitted Bookkeeping Entries in Income-tax Act</h1> Clause 98 of the Finance Bill, 2020 introduces section 271AAD to the Income-tax Act, imposing penalties for false or omitted entries in books of account. If a false entry or omission relevant to income computation is found, the person maintaining the books faces a penalty equal to the amount of such entries. Additionally, penalties apply to individuals who cause or facilitate these false or omitted entries. 'False entry' includes forged documents, invoices without actual transactions, or transactions with non-existent entities. This provision is effective from April 1, 2020.
TaxTMI 
TaxTMI 
