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of <h1>Penalty for Undisclosed Income: 30% if Admitted and Complied, 60% Otherwise, as per Section 271AAB(1A) Income Tax Act.</h1> Under section 271AAB(1A) of the Income Tax Act, the penalty for undisclosed income is 30% if the taxpayer admits the undisclosed income, substantiates its derivation, pays the tax with interest, and files the return declaring such income by the specified date. In other cases, the penalty is 60% of the undisclosed income for the specified previous year.
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