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of <h1>Section 271AAC: 10% Penalty on Unexplained Incomes Under Sections 68-69D, Exempt if Declared and Tax Paid Timely.</h1> Section 271AAC of the Income Tax Act allows the Assessing Officer or relevant appellate authorities to impose a penalty on certain unexplained incomes, as specified in sections 68, 69, 69A, 69B, 69C, or 69D. This penalty is an additional 10% of the tax payable under section 115BBE, which includes a 60% tax rate, any applicable surcharge, and a 4% cess. However, no penalty is imposed if the income is declared in the return filed under section 139 and the tax is paid by the end of the relevant year. Sections 274 and 275 apply to these penalties, but section 270A penalties do not.
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