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of <h1>Interest and Penalties on Undisclosed Income Under Section 158BFA: Late Filing or Non-Filing Consequences Explained</h1> Section 158BFA of the Income-tax Act, introduced by the Income-tax (Amendment) Act, 1997, mandates the imposition of interest and penalties on undisclosed income for certain cases. If a return for the block period is filed late or not at all, a simple interest of 2% per month is levied on the tax due. Additionally, penalties ranging from the amount of tax to three times that amount may be imposed unless specific conditions are met, such as filing a return and paying the due tax. Penalties require a hearing and approval for amounts exceeding twenty thousand rupees. There are time limitations for imposing penalties, with specific exclusions for calculating these periods.
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