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of <h1>Penalties for Concealing Interest Under Section 13 of Interest-tax Act: Fines Range from Tax Amount to Triple the Evasion</h1> Section 13 of the Interest-tax Act, 1974, addresses penalties for concealing chargeable interest. If an Assessing Officer or Commissioner (Appeals) finds that a person has concealed or inaccurately reported chargeable interest during proceedings, they may impose a penalty. This penalty is in addition to any interest-tax owed and ranges from a minimum of the amount of interest-tax evaded to a maximum of three times that amount.
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