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<h1>Clause 298 Imposes 1.5% Monthly Interest and 50% Penalty for Non-Compliance in Income Tax Search Cases</h1> Clause 298 of the Income Tax Bill, 2025, outlines the imposition of interest and penalties for non-compliance in search cases. If an assessee fails to file a return of total income as required, a simple interest of 1.5% per month on undisclosed income is levied. Additionally, a penalty of 50% of the tax on undisclosed income may be imposed. Penalties are not applied if the return is filed, taxes are paid, and no appeal is filed. The clause also specifies conditions under which penalties are not imposed and details the time limits and procedural requirements for imposing penalties.