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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income Tax Bill 2025: Clause 439 enforces penalties for under-reporting and misreporting income, with penalties up to 200%.</h1> Clause 439 of the Income Tax Bill, 2025, outlines penalties for under-reporting and misreporting income. The Competent Authority can impose penalties during proceedings if income is under-reported, with penalties being additional to any tax due. Under-reporting is defined by discrepancies between assessed and reported income. Penalties are 50% of the tax on under-reported income, increasing to 200% for misreporting, which includes misrepresentation, failure to record investments or receipts, false entries, and unreported transactions. Certain bona fide errors and estimates are exempt from penalties. The Competent Authority is responsible for imposing these penalties.
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