https://www.taxtmi.com/acts?id=36837 The amendment treats returns furnished for the first time in reopened assessments as equivalent to non-filing for imposition of penalty, substituting statutory text so that under-reporting is triggered where assessed income exceeds the maximum amount not chargeable to tax. For companies, firms or local authorities under-reported income is the assessed income; for others it is the excess over the maximum non-taxable amount. Tax on under-reported income is computed by adding the maximum non-taxable amount to the under-reported income as if it were total income. en-us Fri, 05 Jul 2019 18:02:09 +0530 Fri, 05 Jul 2019 18:02:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=36837 The amendment treats returns furnished for the first time in reopened assessments as equivalent to non-filing for imposition of penalty, substituting statutory text so that under-reporting is triggered where assessed income exceeds the maximum amount not chargeable to tax. For companies, firms or local authorities under-reported income is the assessed income; for others it is the excess over the maximum non-taxable amount. Tax on under-reported income is computed by adding the maximum non-taxable amount to the under-reported income as if it were total income. Act-Rules Bill Fri, 05 Jul 2019 18:02:09 +0530 https://www.taxtmi.com/acts?id=36837