Query
under section 270A of Income tax Act, provides penalty for under reporting and misreporting of Income of Assessee.
Can we distinguish the term under reported Income and Misreported Income? Then the situation for under reported Income and mis reported Income sir?
Clarification on Distinction Between 'Under-Reported' and 'Misreported' Income Under Section 270A of the Income Tax Act A query was raised regarding the distinction between 'under-reported income' and 'misreported income' under Section 270A of the Income Tax Act, which penalizes such actions. One response clarified that under-reporting involves declaring less income than actually earned, while misreporting refers to providing false income information or incorrect declarations. Another response reiterated the penalties under Section 270A for both under-reporting and misreporting of income. (AI Summary)