New Section 270A Penalizes Income Underreporting and Misreporting, Shifting Focus from Concealment Penalties to Direct Income Discrepancies.

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Full Text of the Document

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....Insertion of new section 270A - Levy of Penalty for under reporting and misreporting of income - Paradigm shift from the existing policy of levy of penalty on account of concealment of particulars of income or furnishing inaccurate particulars of income....