Amount of tax sought to be evaded for the purposes of penalty for concealment of income under clause (iii) of sub-section (1) of section 271

Amount of tax sought to be evaded for the purposes of penalty for concealment of income under clause (iii) of sub-section (1) of section 271 https://www.taxtmi.com/forum/issue?id=108128 The amendment redefines the amount of tax sought to be evaded as the sum of tax sought to be evaded under the general provisions and the Alternate Minimum Tax regime. If the same concealment item is considered under both regimes, it will be excluded from the Alternate Minimum Tax component to avoid double counting; if Alternate Minimum Tax provisions do not apply, that component is ignored. The amendment applies from 1st April, 2016 for subsequent assessment years. en-us Sat, 28 Feb 2015 20:32:28 +0530 Thu, 23 Jan 2025 15:57:00 +0530 TaxTMI RSS Generator Amount of tax sought to be evaded for the purposes of penalty for concealment of income under clause (iii) of sub-section (1) of section 271 https://www.taxtmi.com/forum/issue?id=108128 The amendment redefines the amount of tax sought to be evaded as the sum of tax sought to be evaded under the general provisions and the Alternate Minimum Tax regime. If the same concealment item is considered under both regimes, it will be excluded from the Alternate Minimum Tax component to avoid double counting; if Alternate Minimum Tax provisions do not apply, that component is ignored. The amendment applies from 1st April, 2016 for subsequent assessment years. Discussion-Forum Income Tax Sat, 28 Feb 2015 20:32:28 +0530 https://www.taxtmi.com/forum/issue?id=108128