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of <h1>Penalties for Undisclosed Income Under Section 271AAB(1) Vary Based on Taxpayer Compliance and Disclosure Actions.</h1> Under section 271AAB(1) of the Income Tax Act, the penalty for undisclosed income varies based on the taxpayer's actions. If the taxpayer admits the undisclosed income, explains its source, pays the tax and interest, and files the return on time, the penalty is 10% of the undisclosed income. If the taxpayer does not admit the income but declares it in the return and pays the tax and interest, the penalty is 20%. If neither condition is met, the penalty increases to 60% of the undisclosed income.
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