New Section 270A Introduces 200% Penalty for Misreporting Income, Targeting Underreported Cases with Hefty Tax Consequences.

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Full Text of the Document

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....Insertion of new section 270A - Penalty for underreporting and misreporting of income. - the cases of under-reported income falling under misreporting of income shall be liable for penalty at the rate of two hundred per cent. of the tax payable on such misreported income.....