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of <h1>Understanding Income Under-reporting: When Declared Income is Less Than Assessed or No Return Filed with Excess Income</h1> Under-reporting of income occurs when the income assessed is greater than what is declared in the income tax return or when no return is filed, and the assessed income exceeds the maximum exemption limit. This can happen under both normal provisions and the Minimum Alternate Tax (MAT) or Alternate Minimum Tax (AMT) provisions. In reassessment cases, under-reporting is identified when the reassessed income surpasses the previously assessed income. Additionally, if the assessment results in a reduction of declared losses or converts losses into income, it is considered under-reporting.
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