Income-tax amendment expands penalty scope to include withholding income and excludes penalties where additional tax is paid. Amendment inserts withholding income into the list of misreporting categories subject to the under reporting and misreporting penalty, and establishes ... Summary
Income-tax amendment expands penalty scope to include withholding income and excludes penalties where additional tax is paid.
Amendment inserts withholding income into the list of misreporting categories subject to the under reporting and misreporting penalty, and establishes that income on which additional income tax is paid under the statutory adjustment mechanism shall not form the basis for imposing that penalty.
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