https://www.taxtmi.com/acts?id=51984 Penalty may be imposed during proceedings for under-reported income, and the amount is payable in addition to tax. Under-reported income covers cases where assessed income exceeds returned income, where income is assessed for the first time without a return, where reassessment increases income, where deemed total income is understated, or where assessment reduces loss or converts loss into income. The provision also prescribes exclusions, computation rules, enhanced penalty for misreporting, and the authorities empowered to impose penalty by written order. en-us Thu, 14 Aug 2025 18:27:07 +0530 Mon, 06 Apr 2026 14:09:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=51984 Penalty may be imposed during proceedings for under-reported income, and the amount is payable in addition to tax. Under-reported income covers cases where assessed income exceeds returned income, where income is assessed for the first time without a return, where reassessment increases income, where deemed total income is understated, or where assessment reduces loss or converts loss into income. The provision also prescribes exclusions, computation rules, enhanced penalty for misreporting, and the authorities empowered to impose penalty by written order. Act-Rules Income Tax Thu, 14 Aug 2025 18:27:07 +0530 https://www.taxtmi.com/acts?id=51984